Aruba

New Documents

Centrale Bank van Aruba, the country’s central bank, published its Financial Sector Supervision Report 2019, which focuses on the regulator’s supervision of financial institutions over the past year, in particular with respect to anti-money laundering and counterterrorist financing compliance.

The Centrale Bank van Aruba published a policy document concerning the reporting of unusual transactions to Aruba’s Financial Intelligence Unit pursuant to anti-money laundering and counterterrorist financing laws.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department labels Aruba as a major money laundering jurisdiction. Aruba is an autonomous entity within the Kingdom of the Netherlands and has sovereignty on most internal matters. However, it does defer to the Netherlands in matters of defense and foreign policy. Even though Aruba is not considered a regional financial center, its location makes the country a transshipment point for drugs and gold from South America to the United States and Europe, and the transshipment of currency in the opposite direction. In Aruba, money laundering is primarily related to proceeds from illegal narcotics trafficked by criminal organizations and occurs through gold transfers, real estate purchases, and international tax shelters. Banks, life insurance companies and insurance brokers, money transfer companies, investment companies and brokers, factoring and leasing companies, trust and company service providers, car dealers, casinos, lawyers, civil notaries, accountants, tax advisors, realtors, and dealers in precious metals, stones and other high-value objects are subject to know-your-customer requirements. Aruba does not have a suspicious transaction reporting system.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 7 Substantial :
Partially Compliant : 13 Moderate :
Non-Compliant : 25 Low :
Not-Applicable : 2

BASEL i

Rank : 58/141
Score : 5.34/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 112/133
Score : 73/100