FIU Curaçao

ABOUT

Curaçao participates in the Financial Action Task Force (FATF) as part of the Dutch Kingdom. Pursuant to FATF Recommendation no. 26, countries must establish a Financial Intelligence Unit (FIU) that serves as a national centre for the receiving (and, as permitted, requesting), analysis and dissemination of suspicious transaction reports (STR) and other information regarding potential money laundering or terrorist financing. The FIU is to have access, directly or indirectly, on a timely basis to the financial, administrative and law enforcement information that it requires to properly undertake its functions, including the analysis of STR.

Previously FIU Curaçao was called MOT. MOT was the abbreviation for: Meldpunt Ongebruikelijke Transacties. In English MOT was translated as the Unusual Transactions Reporting Center (or the Reporting Center); in Papiamentu as the: Sentro pa Reportá Transakshonnan No Usual; and in Spanish as: Centro de Reportes de Transacciones Inusuales. Internationally the Reporting Center was already known as FIU Curaçao, and since the latest changes to the AML/TF laws, this is the official name of the FIU (in Dutch: Financiele Inlichtingen Eenheid).

FIU Curaçao falls directly under the Minister of Finance. The Head of FIU Curaçao is the administrator of its transactions database.

Unlike other countries where suspicious transactions are reported, the Government of Curaçao has opted for the reporting of unusual transactions. If FIU Curaçao, after proper analysis of an unusual transaction, concludes that there is a suspicion of money laundering and/or terrorism financing, this transaction will be reported to the Public Prosecutor’s Office as a suspicious transaction. The FIU functions as an administrative buffer between the reporting entities on the one hand and the Public Prosecutor’s Office on the other hand. This buffer prevents transactions information submitted by the reporting institutions from being unconditionally forwarded to the investigation services: only if there is a reasonable presumption of money laundering and/or financing of terrorism, will the data be furnished to the office of the Public Prosecutor.

Supervisory department of the FIU for DNBPs:

In 2010, certain designated non-financial businesses and professions (DNFBP's) were brought under de rule of law of the NOIS and the NORUT. In 2015, the traders in Building and Construction materials were added to these DNFBP's. FIU Curacao has been appointed as the Supervisory Entity for these reporting entities. The Supervisory function is executed by the Supervision Department.

MISSION AND VISION OF THE FIU

The mission of the Reporting Center is to:

- maintain the integrity of the financial system;
- contribute both nationally and internationally to prevent and combat money laundering and financing of terrorism;
- promote the reporting of unusual transactions;
- build up a widespread network of information exchange with foreign reporting centers with regard to methods, technological applications and analysis
techniques, in order to combat money laundering and the criminal activities that are at the root thereof;
- make recommendations for improving and developing methods and techniques to combat money laundering and terrorism financing.

The vision of the Reporting Center is to:

- provide professional support to the judiciary system through analyzing legally gathered information for the prevention, detection, control and prosecution of
money laundering-(ers) and to recognize and take advantage of the creative synergy that this creates;
- build up a widespread network of information exchange with foreign reporting centers with regard to methods, technological applications and analysis
techniques, in order to combat money laundering and the criminal activities that are at the root thereof;
- assist other Financial Intelligence Units in the Caribbean and Central America with trainings and organizing their unit;
- through accomplishment of the above-mentioned become the most effective operating Reporting Center of the Caribbean and Latin America.

ORGANIZATION

The Head of the FIU is in charge of the daily operations. The Head is responsible for the policy and strategic direction of the organization, planning and management oversight, communication and press liason, as well as overseeing special projects that might be initiated from time to time. The appointment, suspension and removal of the Head and the other personnel of the Reporting Center take place, having heard the Guidance Committee, by a council resolution on the motion of the Minister of Finance in agreement with the Minister of Justice.

The Reporting Center consists of four departments: Legal, Policy and Liason department; Analysis, Monitoring and IT Department; the Administration and Support services department and Supervisory department for the Designated Non Financial Businesses and Professsions (DNFBPs) as of May 15th 2010.

ANNUAL REPORTS

MOT Curaçao Annual Report - 2005.pdf