Published On: Fri, Oct 2nd, 2015

Financial supervision Curaçao and Sint Maarten will continue to apply

The HagueTHE HAGUE, WILLEMSTAD - The obligations resulting from the Financial Supervision Act Curaçao and Sint Maarten (Rft) on public finances continue to apply for Curaçao and Sint Maarten. This was decided by the Kingdom Council of Ministers on the proposal of Minister Plasterk of the Interior and Kingdom Relations.

The Cabinet made this decision on the advice of the Assessment Act Financial Supervision of Curaçao and Sint Maarten. They argue that the two countries in 2012, 2013 and 2014 have not fully and independently met the standards. The evaluation committee writes:

“Both Curaçao and Sint Maarten have achieved improvements in financial management and the gap in the drafting and adoption of the annual accounts is catching up.

However, this has not yet reached the point where it can be determined that the two countries are capable of a sound financial management with their own institutions, their own actions and administrative oversight. In addition, the backlog in the financial statements (both in terms of timeliness and determination necessary) needs to be further reduced.”

The Rft stipulates that the Kingdom Council of Ministers, five years after the enactment of the law (10-10-2010), decides if (one of) the countries no longer have to meet the obligations. The Council follows the advice of the evaluation committee Rft, which can be waived only through well motivated arguments. The National Council of Ministers sees no reason to deviate from the advice.

The evaluation Rft is composed as follows: Mr. Ron Gomes Casseres (Chairman), Mr Reuben Essed (member Sint Maarten), Mr. Edelmiro Seferina (member Curaçao) and Mr Marcel van Gastel (member Netherlands).

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