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
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.