On 16 October 2009, the FATF and the Caribbean Financial Action Task Force ("CFATF") published their mutual report of the anti-money laundering ("AML") and combating the financing of terrorism ("CFT") measures in place in Aruba, the Kingdom of the Netherlands in December 2008 and immediately thereafter. The report describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Aruba's level of compliance with the FATF recommendations.
In general, Aruba's system of AML/CFT preventive measures is incomplete and lacks coherence and effectiveness. The key recommendations to Aruba are, inter alia, that it should:
- review the AML/CFT preventive measures regime, including the legislation;
- give clearly defined tasks and priorities to the agencies in charge of AML/CFT;
- prepare new and coherent legislation dealing with all the deficiencies and implement all the FATF requirements;
- reorganise the AML/CFT supervision of financial institutions, which is currently handled by both the Central Bank of Aruba and the Aruban financial intelligence unit (Meldingspunt ongebruikelijke transacties); and introduce a number of enhancements at both judicial and administrative levels.