curacao Curacao

New Documents

Curaçao FIU Reminds Administrative Offices of AML/CTF Reporting Obligations

The Financial Intelligence Unit of Curaçao issued a press release highlighting anti-money laundering and counterterrorist reporting obligations for administrative offices.

May 7, 2021

BVI Publishes Revised Multilateral MoU Between 17 Regional Regulatory Authorities

The British Virgin Islands’ Financial Services Commission published the revised Multilateral Memorandum of Understanding Among The Regional Regulatory Authorities, which is a cooperation agreement between the regulators of 17 countries in the region on the exchange of information.

October 3, 2019

OECD Releases Second Peer Review Report on Curacao’s Compliance with International Tax Transparency

November 17, 2017

Poland’s Ministry of Finance Signs MOU with Curacao

May 29, 2015

OECD: Curacao Partially Compliant with Tax Standard Following Phase 2 Review

March 16, 2015

News

Midweek Roundup: Western Union Ends Cuban Remittances, Airbnb Faces US Sanctions Fine, and More

Prevezon Holdings suspected of handling larger volume of illicit funds, Crown Resorts loses license, and more, in the midweek roundup.

November 18, 2020

Caribbean Banks Found Workarounds After Losing Correspondent Accounts

At least nine Caribbean banks that have lost access to U.S. correspondent accounts as a result of the “de-risking” trend now access U.S. dollars indirectly, usually at higher costs, through their ties to U.K. and other overseas financial institutions, sources told ACAMS moneylaundering.com.

August 7, 2018

Midweek Roundup: BNP Settlement to Exceed $5 Billion, SEC Probes Investment Banks for Cartel Ties, and More

May 21, 2014

Enforcement Actions

0 Items Found

Key Documents

Curacao Refines Anti-Money Laundering, Counter-Terrorism Financing Framework

July 13, 2010

Curacao Issues Amended Customer Identification Requirements

July 5, 2010

Curacao's Regulator Issues AML/CTF Requirements for Credit Institutions

May 1, 2011

Curacao Imposes Sanctions for Violating AML/CTF Laws

June 1, 2011

Important Facts

  • The U.S. State Department labels Curacao as a major money laundering country. The jurisdiction is a semi-autonomous country within the Kingdom of the Netherlands. Money laundering in Curacao occurs primarily through the use of money mules, private foundations, cash intensive businesses, real estate, unlicensed money lenders, wire transfers, and the purchase of luxury goods. Trade-based money laundering is also a concern for the jurisdiction, and transfers of gold from South America remain problematic. The law enforcement memorandum of understanding between the United States and Curacao facilitates joint training activities and the sharing of information in the area of criminal investigations, with a particular priority in the area of interdicting money laundering operations. Vulnerabilities stem from the country's offshore banking and incorporation infrastructure, two free trade zones and significant gambling activity. Additionally, Curacao's proximity and economic ties to Venezuela increase the risks of the country being used to launder the proceeds of crimes emanating from Venezuela. Curacao utilizes an unusual transaction reporting regime, which has a broader reporting mechanism as compared to a traditional suspicious transactions reporting scheme. The country has also recently conducted a number of high-profile money laundering investigations, resulting in numerous former officials being investigated, charged or convicted.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 8 High :
Largely Compliant : 17 Substantial :
Partially Compliant : 20 Moderate :
Non-Compliant : 4 Low :

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : 70/92
Score : 68/100

Tax Justice Network i

Rank : 96/133
Score : 75/100