Curacao

New Documents

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.

The Organisation for Economic Co-operation and Development’s Global Forum on Transparency and Exchange of Information for Tax Purposes published a second round peer review report on Curacao’s compliance with the international standard on transparency and exchange of information upon request.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Curacao as a major money laundering country. It is an autonomous entity within the Kingdom of the Netherlands. Money laundering is primarily related to proceeds from the sale of illegal narcotics, as well as online gaming, unlicensed moneylenders and the transfer of gold from South America. 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. Money laundering occurs through real estate, gold transactions, bulk cash smuggling and international tax shelters, as well as wire transfers and cash transport between the island and the Netherlands. 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 is a broader mechanism than a 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: 2020 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