Curacao

New Documents

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

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.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Curacao as a major money laundering country. The jurisdiction is a semi-autonomous county 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 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: 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