FRIDAY, 9 AUGUST 2013
PHILIPSBURG–The Financial Intelligence Unit (FIU) Curaçao gave the FIU office of St. Maarten a presentation on July 31, on the essence of an FIU with supervisory powers. FIU St Maarten and FIU Curaçao fall under this type of Unit.
Head of FIU Curaçao Kenneth Dambruck provided the presentation on the essence of being an FIU with supervisory powers and of the current and future projects that their ofﬁce is engaged in.
The presentation was made to FIU St. Maarten director and staff. Other projects of mutual interest were also discussed.
Dambruck explained from their point of view as a supervisory entity for the Designated Non Financial Businesses and Professions (DNFBP) the current developments in the ﬁ eld, certain incidents to be aware of, and future steps that need to be taken in order to secure and safe guard the ﬁ nancial systems and ﬁ nancial integrity of the respective countries.
He also gave an indication of what needs to be taken into account when supervising the DNFBP such as notaries, lawyers, accountants, tax consultants, car dealers, real estate agencies, jewellers and administrative ofﬁces – their reporting obligations and the consequences when they do not report.
Dambruck said just like the Central Bank of Curaçao and St. Maarten is the supervisory entity for the ﬁnancial sector, the FIUs of St. Maarten and Curaçao are the legal supervisory authorities of the aforementioned non-ﬁnancial sector, with
the accompanying authority to apply administrative ﬁnes and ﬁnancial penalties, order searches etc. upon noncompliance with the relevant laws.
During the last Caribbean Financial Action Task Force (CFATF) evaluations of FIU St. Maarten and FIU Curaçao concerning their compliance with the recommendations of the Financial Action Task Force (FATF), the issue
of effectiveness was brought forward. This effectiveness in the supervision of reporting entities is strictly interpreted by CFATF as meaning: applying sanctions upon non-compliance by reporting entities. Additional information can be obtained from website: ﬁu-sxm.net
FIU Curaçao signed a Memorandum of Understanding (MOU) with the FIU of St. Maarten on July 30. This memorandum makes it possible to exchange information involving money laundering and possible terrorism ﬁnancing between the
two FIUs. Director of FIU St. Maarten Ligia Stella said she is pleased with the assistance extended and the cooperation received from the sister organisation. “Not only are we sharing information about ﬁnancial transactions that are in investigation by our FIUs and in which persons (natural and legal) of both jurisdictions are involved, but we are also
working closely together on different projects,” she was quoted as saying in a press release on Thursday.
FIU St. Maarten, an organisation that falls under the Justice Ministry, is a national centre for the receiving and the analysis of unusual transactions reports and the dissemination to the Public Prosecutors Ofﬁ ce of these transactions when there is a suspicion of money laundering and/or terrorism ﬁnancing.“Since the establishment of FIU St. Maarten, we have been working diligently on operational efﬁ ciency and administrative procedures in reporting illegal ﬁnancial
transactions, and very importantly in becoming a member of the International Association of FIUs, the EGMONT Group,” Stella said in the release.
“This is an obligation laid down by the Financial Action Task Force, FATF.“With the advancements that we have made, we are ever increasing our knowledge and working in collaboration with our sister islands Aruba and Curaçao, but also with regional and international FIUs.”
Bron: The Dailky Herald, St. Maarten