Aruba

New Documents

The Financial Intelligence Unit of Aruba published a series of sanctions designations under the Regulation Indicators Unusual Transactions, including United Nations Security Council and European Union sanctions designations related to chemical weapons, human rights violations and Iran.

Centrale Bank van Aruba, the country’s central bank, published its Financial Sector Supervision Report 2020, which focuses on the supervision of financial institutions with respect to anti-money laundering and counterterrorist financing compliance.

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. Some Venezuelans who invest in real estate in Aruba are suspected of using black money. 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: 2021 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