Curaçao Jurisdiction exiting the Third Round of Mutual Evaluations
The November 2016 Plenary in Providenciales, Turks and Caicos Islands, recognised the jurisdictions that have made significant progress in addressing the deficiencies identified during the Third round of Mutual Evaluations conducted by the CFATF and that have exited the follow- up process.
Curaçao addressed the deficiencies identified in the Mutual Evaluation Report (MER) adopted by the CFATF Plenary in May 2012 in El Salvador; therefore Curaçao has exited the follow-up process of the third round of Mutual Evaluations of the CFATF.
At the time of the adoption of the MER, Curaçao had nine Core and Key Recommendations rated partly compliant (PC) and, as no Core and Key Recommendations were rated as non- compliant (NC), Curaçao was placed in regular follow-up reporting on a yearly basis. Curaçao submitted four follow up reports and a final report to exit the third round of follow-up.
Curaçao has strengthened its legal and regulatory anti-money laundering and financing of terrorism framework, with the adoption of a new Penal Code, and various National Ordinances and Ministerial Decrees. Processes, procedures, and provisions and guidelines have also been incorporated in the regulatory framework.
As Curaçao has successfully addressed all the deficiencies identified in the Core and Key Recommendations number 4, 5, 13, 26, 35, SRs. I, II, III and I, in Sept. 7, 2016 Curaçao applied to exit the third round of Follow-Up process.
By the Plenary meeting in November 2016, Curaçao presented the Fifth Follow-up report in which all the Core and Key Recommendations reached the level of compliance comparable to at least LC.
Based on the above, Curaçao was successfully approved by the CFATF Plenary in Providenciales, Turks and Caicos Islands in November 2016, to exit the Third round of Follow- up.