Financial supervision continues for 3 years

POSTED: 10/5/15 1:32 PM


THE HAGUE – St. Maarten remains for the next three years after 10-10-15 under financial supervision. Based on a proposal from Minister Ronald Plasterk (Kingdom Relations) the Kingdom Council of Ministers decided yesterday that the commitments that follow from the Kingdom law financial supervision remain in place, also for Curacao. In 2018, the Kingdom government will take a new decision about financial supervision. After 2018, the Kingdom will have to take new decisions about financial supervision within every three years.

The basis for the decision is the advice of the evaluation committee. Members of this committee are Ron Casseres (chairman), Reuben Essed (St. Maarten), Edelmiro Seferina (Curacao) and Marcel van Gastel (Netherlands). The committee established that both countries did not comply fully and independently with the requirements of the law financial supervision in 2012, 2013 and 2014.

“Both Curacao and St. Maarten have achieved improvements in the financial management,” the evaluation committee wrote in its report. “”They are busy catching up with the arrears in producing and establishing the annual accounts. With this the point has not been reached yet where it can be established that both countries are capable to maintain a structurally healthy financial administration with their own institutions and with their own administrative actions. Furthermore the countries have to catch up still more with the arrears in the annual accounts (in terms of timeliness and the necessary assessment.”

The Kingdom law financial supervision dictates that the Kingdom Council of Ministers decides five years after the law went into effect whether the countries do not have to meet the requirements anymore. “The Kingdom Council of Ministers follows in this respect the advice from the evaluation committee and can only diverge from it based on a well-founded argument. It sees no reason to diverge from the advice,” the press release published on states.

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