ATTACHMENT I: Comments on Company Service Provider Legislation
1. In developing the legislation for CSP supervision, the Fund had delivered extensive comments. These have led to substantial improvements in the law. However, there remain a number of significant issues. The Fund would be pleased to provide technical assistance on these issues if desired by the authorities.
Bonaire and Curaçao (the Leeward Islands) and Saba, St. Eustatius and the southern part of St. Maarten (the northern part is a French territory): the Windward Islands; each island has a separate government. The central government of the Netherlands Antilles is established in Curaçao.
See Chapter III, prepared by Gerwin Bell in IMF: Kingdom of the Netherlands—Netherlands Antilles, Recent Developments, Selected Issues, and Statistical Appendix, (SM/01/122; 04/23/01).
Source: BNA Quarterly Bulletin, Q IV 2000.
Source: Bank for International Settlements (BIS).
Source: Companies Registry at the Chamber of Commerce.
Enacted in August 2001; implementation is starting up; existing CSPs have been requested to put in their licensing applications.
In Dutch: trust-maatschappijen. These are not to be confused with trust companies in the Anglo-Saxon legal sense.
National Gazette 2001, No. 18.
Source: Bank of the Netherlands Antilles.
Financial regulators in Cayman Islands, Gibraltar, Guernsey, the Isle of Man, and Jersey supervise CSPs.
Also see the detailed assessment in Volume II of this report.
Also see Chapter VII of this Volume and Volume II of this report.
Bank of the Netherlands Antilles.
National Gazette 1992, Nos. 50, 52, 53, and 55.
There are two state funds: the Civil Service Pension Fund (Algemeen Pensioen Fonds Nederlandse Antillen; APNA) and the Government Workman’s Pension Fund (Gouvernements Werklieden Pensioen Fonds).
The following summary is of the AML/CFT template that appears in Volume II of this report. The headings used in the summary correspond to the headings used in Parts 1 and 2 of the AML/CFT template, which is set forth in Volume II of the report. A more detailed discussion of the issues herein may be found in the template under each of these headings. Finally, Part 1, Legal and Institutional Framework, covers the legal requirements for supervision and regulation, under the headings Client Due Diligence and Fit and Proper Test and Financial Transparency, as well as Criminalization of Money Laundering and Terrorism Finance, Confiscation of Proceeds of Crime or Assets Used to Finance Terrorism, Financial Intelligence Units, International Cooperation, and Controls and Monitoring of Cash Transactions. Part 2 covers the banking and insurance sectors. Part 3, which normally covers unregulated sectors such as MTs, was not completed since such sectors are regulated in the Netherlands Antilles.
New AML and CFT guidelines were issued on June 16, 2003 for the banking sector: Provisions and Guidelines on Money Laundering and Terrorist Financing.
New AML and CFT guidelines were issued on June 16, 2003 for the insurance sector: Provisions and Guidelines on Money Laundering and Terrorist Financing.
These headings correspond to the headings used in Part 1 of the AML/CFT template set forth in Volume II of the report. A more detailed discussion of the issues herein may be found in the comments section in Volume II under each of these headings.
The supervisory board has indicated that it does not expect to begin on-site inspections of CSPs before January 2003, at the earliest.