Aruba

Aruba in its 7th Follow-Up Report has achieved satisfactory levels of compliance with R. 3, R. 23, R. 26, R. 35, R. 36, R. 40, SR. I, SR. III and SR. V. Overall Aruba has addressed deficiencies relating to all Core and Key Recommendations, and brought the level of technical compliance with these Recommendations to a level essentially equivalent to an LC.

Aruba 7th Follow-Up Report

Aruba: End of the CFATF Third Round Follow-Up Process & CFATF International Cooperation Review Group (CFATF ICRG) Monitoring

The CFATF held its XXXIX Plenary in Miami, Florida during the week of May 25-29, 2014 during which time some Member countries were removed from the third round follow-up process and entered biennial updating; while other Member countries exited the CFATF ICRG monitoring process.

JURISDICTIONS EXITING THE FOLLOW-UP PROCESS

Aruba

The CFATF acknowledges the significant progress made by Aruba in improving its AML/CFT regime and notes that Aruba has established the legal and regulatory framework to address its strategic deficiencies that were identified in its joint CFATF and FATF Mutual Evaluation Report.  Aruba is therefore no longer subject to CFATF ICRG monitoring.

Additionally, it is noted that under the CFATF follow-up process, since the adoption of its 2009 Mutual Evaluation Report , a complete overhaul of Aruba’s AML/CFT system has taken place. Therefore, Aruba was removed from the CFATF follow-up process at the May 2014 Plenary in Miami.

Aruba 8th Follow-Up Report, which was presented at the FATF February 2014 Plenary contains a detailed description and analysis of the actions taken by Aruba to rectify the deficiencies identified in respect of the Core and Key Recommendations rated PC or NC in the 2009 mutual evaluation report.

Aruba leading the way to the Fourth Round

Aruba exits FATF follow-up process

In 2009, Aruba’s anti-money laundering/countering the financing of terrorism (AML/CFT) system was subject to a mutual evaluation by the Financial Action Task Force (FATF). The mutual evaluation report (MER) was adopted by the FATF in October 2009. The MER showed a low level of compliance with the FATF Recommendations. In view hereof, Aruba was placed in the enhanced and, subsequently, in the regular follow-up process.

Since 2009 a complete overhaul of Aruba’s AML/CFT system has taken place. Significant resources were allocated by the government and other stakeholders involved, as well as by the financial sector, to strengthen the AML/CFT framework.

On February 12, 2014, the FATF Plenary acknowledged that Aruba had made significant progress in addressing the deficiencies identified in the 2009 MER. It concluded that Aruba is now largely compliant with the FATF Core and Key Recommendations and, thus, can exit the regular follow-up process. The report prepared by the FATF, based on Aruba’s 8th follow-up report, contains a detailed description and analysis of the actions taken by Aruba since the MER of October 2009. This report can be found on the website of the FATF: http://www.fatf-gafi.org/topics/mutualevaluations/documents/fur-aruba-2014.html.

About the FATF

The FATF is an independent inter-governmental body established in 1989. The FATF currently has 36 members (34 member countries, as well as the European Commission and the Gulf Co-operation Council). The FATF develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognized as the global AML/CFT standards. The FATF conducts mutual evaluations to assess its member countries’ levels of implementation of the FATF Recommendations.

Source: Central Bank of Aruba. http://www.cbaruba.org

MER of Aruba

Prime Contact of Aruba

Ministry of Justice, Security and Integration
Director of the Department of Legislation and Legal Affairs
Schotlandstraat # 53
Oranjestad, Aruba
tel: +297-527 5100
fax:+297-527 5109

Aruba's Institutions promoting AML/CFT