ST MAARTEN MUST GIVE PRIORITY TO AML LAWS TO AVOID REPERCUSSIONS

On 16th July, the Daily Herald reported that St Maarten will have to give high priority in the coming months to securing the recommendations of FATF in legislation if it is to avoid a public warning which will have serious repercussions for international banking traffic, according to the Dutch State Secretary of Home Affairs and Kingdom Relations.  In 2012, CFATF determined in 2012 that St. Maarten did not comply with 14 of the 16 main FATF recommendations.  In 2017, the non-compliance still existed because St. Maarten did not comply with 11 recommendations. Therefore, St Maarten was placed in the first stage of more stringent follow-up in November 2017.  This means that St Maarten is subject to more frequent follow-up reports and the possibility of implementing phased countermeasures.  CFATF sent the St. Maarten government a warning letter in 2018 and a high-level mission to St. Maarten took place.  Also in 2018, CFATF made an agreement with St Maarten about the implementation and change of 6 crucial AML/CFT laws.  However, CFATF decided to maintain St. Maarten’s status quo late May 2019.  If real improvement is not made, the next stage would be a public declaration on St Maarten’s shortcomings, which could take place in November.

https://www.thedailyherald.sx/islands/89201-st-maarten-must-give-priority-to-anti-money-laundering-laws

 

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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