Published On: Wed, Aug 27th, 2014

Support for increased supervision of money transmitters

Alex RosariaWILLEMSTAD – Recently the Central Committee of Parliament treated the bill proposal Ordinance Supervision of Money Transmitters. According to the MPs this bill is a good initiative, but they believe that it took too long to present this new law to Parliament for discussion and approval.

The new law aims to prevent or to combat the financing of terrorist offenses. This requires the structural spreading of the supervision on these offices. The Central Bank of Curaçao and Sint Maarten (CBCS) will be responsible for the supervision on these money transmitters, whereby they will take measures to prevent or limit money laundering.

According to the MPs this law will be a support for the development of the international financial sector on the island. Alex Rosaria MP even wondered why it took so long for this bill to be presented to Parliament. “Advice given on this bill by the Advisory Council dates back to 2010,” Rosaria said.

Rosaria also wanted to know how much money transmitters are present on the island and how many of them are suspected of money laundering. He also had further questions about the supervision of the CBCS. In this connection, he wanted to be informed by the Government on the level of the rates of the Central Bank, compared with the region.

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