Money laundering is the process by which criminals attempt to conceal the illegal origin of the proceeds of their criminal activity (drugdealing, weapons dealing, human trafficking, kidnapping, etc.) allowing them to maintain control over the proceeds and ultimately, providing a legitimate cover for their sources of income. In the Criminal Code of Curaçao, the penalization of the three types of money laundering (habitual money laundering, intentional money laundering and money laundering by default) is regulated.
Contrary to money laundering where the proceeds always have an illegal origin, terrorism financing on the other hand not necessarily has to do with illegal activities. Financing of terrorism is described as a behaviour as referred to in the International Treaty of New York with regard to combating terrorism financing, signed on December 9th, 1999 (Tractatenblad 2000, no. 12; Tractatenblad 2002, no. 110.
NOIS AND NORUT AND RECENT CHANGES
To assist in the fight against money laundering and terrorism financing, the Government of Curacao established the National Ordinance Reporting Unusual Transactions or NORUT (Landsverordening Melding Ongebruikelijke Transacties or LvMOT) and the National Ordinance Identification when Rendering Services or NOIS (Landsverordening Identificatie bij Dienstverlening, LID).
Recently, these laws were changed. We are awaiting the english traslations and the integrated adapted texts of the laws. Here you will find the recent changes to these laws in Dutch (the changes are to be read in combination with the NOIS respectively the NORUT):
National Ordinance Reporting Unusual Transactions
National Ordinance Identification when Rendering Services
National Ordinance Obligations to Report Cross-Frontier Money Transportations
NATIONAL Ordinance on the Obligation to report Cross-border Money Transfer.pdf
NATIONAL Ordinance on the Obligation to report Cross-border Money Transfer (Dutch version).pdf
INDICATORS AND RECENT CHANGES
The Indicators to use for determining whether transactions are to be designated and reported as unusual transactions have changed per sector per the date of December 5, 2015 and must be used for reporting per the date of January 1, 2016.
The new indicators only contain one subjective indicator per sector. All previous subindicators are to be seen as red flags in this new situation.
We are awaiting the English translation of the Ministerial Decree on the new indicators. Here you will find the new decree on the indicators (in Dutch):
Ministerial Decree of the 1st of December, 2015, on the new indicators for unusual transactions:
73. Regeling indicatoren ongebruikelijke transacties.pdf
The previous list of indicators will remain available for reporting in CORSYS for a period of six months after the date of December 31, 2015. The old indicators may as of said date ONLY be used for the reporting of backlogs (transactions that came to the attention of the service provider before the date of January 1, 2016) and for the correction of reports that are send back to you by the FIU regarding transactions already reported to the FIU.
Here you will find the Ministerial Decree on the old indicators in Dutch and English (NB on the page REPORT you will find a list per sector of the old and new indicators):
Decree indicators unusual transactions N.G. 2010 No 27.pdf
Beschikking Indicatoren Ongebruikelijke Transacties PB 2010 # 27.pdf
Curaçao is a member of FATF and also a member of the Caribbean counterpart of the FATF; the Caribbean Financial Action Task Force, the CFATF.
The FATF established 40 Recommendations to assist in the fight against money laundering and 9 Special Recommendations with regard to the fight against terrorism financing. These can be found in the below listed documents.
FATF Recommendations 2012 as updated november 2017.pdf
FATF Methodology 22 Feb 2013 as updated in november 2017.pdf