Published On: Tue, Sep 23rd, 2014

Agreement limiting powers Central Bank

Central BankWILLEMSTAD - The powers of the Central Bank of Curaçao and Sint Maarten (CBCS) in the State Ordinance Supervision Money Remitters will be reduced. This was decided by Parliament at the request of the PAIS faction and independent MP Omayra Leeflang.

The ordinance assumes that the Central Bank is responsible for financial and conduct supervision (integrity monitoring) of money remitters. Not only are the obligations of the money remitters indicated in this act, but also the responsibilities of the Central Bank.

The amendment proposal of the members Leeflang, Alex Rosaria and Marcolino 'Mike' Franco (both PAIS) indicates that in the old ordinance where it states that the Central Bank, on behalf of foreign supervisory authorities, can collect data or information from everyone, will be changed.

The members did not consider it desirable that the Central Bank, in the context of supervision on money remitters, is given such broad powers.

Therefore, an amendment has been submitted stipulating that the CBCS can only collect information from money remitters under its supervision and those that should be under its control. Those that operate without a license.

The aim is that citizens have the necessary protection so that the power of the regulator is limited to exercise oversight of financial institutions.

Click Tag(s) for Related Articles: