Published On: Fri, Jun 20th, 2014

More power to the Central Bank of Curaçao and Sint Maarten

Central BankWILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) gets more powers to take action against money remitter that are still often being used for money laundering or for terrorist financing purposes.

The new Ordinance 'Supervision of Money Remitters', gives the Central Bank more sanctioning powers, including the authority to obligate those remitters to pay a penalty or administrative fines. These violations can be made public.

At this time, the powers of the Central Bank are very limited and not always easy to follow, allowing terrorists and criminals to often choose to move money through these money remitters. The new law, which should bring changes into this, is now waiting to be debated on and approved by the Members of Parliament.

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