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2014 Mutual Evaluation Of Aruba, Kingdom Of The Netherlands
Overall, Aruba has addressed deficiencies relating to all the Core and Key Recommendations, and brought the level of technical compliance with these Recommendations to a level essentially equivalent to an LC. Aruba has therefore taken sufficient measures to be removed from the regular follow-up process.
Aruba, Kingdom of the Netherlands (“Aruba”) was subject to an assessment of its compliance with the FATF Recommendations in 2009. The Mutual Evaluation Report was adopted in October 2009.
Aruba is a separate constituent country within the Kingdom of the Netherlands. The legal system of Aruba is based on the Dutch legal system with modifications based on the local or regional circumstances. The responsibility to develop an AML/CFT framework primarily rests with the government of Aruba, whereas the judiciary is linked into the Kingdom of the Netherlands.
Aruba was placed in the regular follow-up process as a result of non-compliant (NC) and partially compliant (PC) ratings for certain core and key Recommendations in its 2009 mutual evaluation report.
In February 2014, the FATF recognised that Aruba had made significant progress in addressing the deficiencies identified in the 2009 mutual evaluation report and could be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on procedures agreed in October 2009.
The February 2014 follow-up report contains a detailed description and analysis of the actions taken by Aruba in respect of the core and key Recommendations rated PC or NC in the 2009 mutual evaluation report.
Key measures that have been taken by Aruba are:
Amending the Criminal Code to designate terrorist financing as an independent offence.
Enacting the State Ordinance for the Prevention and Combat of Money Laundering and Terrorist Financing (AML/CFT State Ordinance). The AML/CFT State Ordinance remedies many important deficiencies and inconsistencies identified during the 2009 assessment in relation to preventive measures and the allocation of supervisory duties of the Central Bank of Aruba and the financial intelligence unit of Aruba, the Meldpunt Ongebruikelijke Transacties.
Regulating the freezing of funds and other assets of persons and institutions deemed to be related to terrorism and terrorist financing through the introduction of the State Decree Combating Terrorism and Terrorist Financing.
Adopting State Ordinances, Decrees, Ministerial Regulations, and other mechanisms to implement the obligations set out in the AML/CFT State Ordinance and the State Decree Combating Terrorism and Terrorist Financing.
Conducting an AML/CFT National Risk Assessment.