FIU in consultation with Prosecutor’s Office on AML/CTF Compliance

POSTED: 11/5/14 9:37 AM

St. Maarten – The Financial Intelligence Unit Sint Maarten (FIU) is in consultation with the Public Prosecutor’s Office on the execution of the Sanctions Regime of the Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) Legislation of St. Maarten.

The FIU is busy familiarizing the designated non-financial businesses and professions with the stipulations of the National Ordinance Reporting Unusual Transactions (NORUT) and the National Ordinance Identification when rendering Services (NOIS).

The FIU has initiated information sessions for the financial sector and the designated none financial sector. This sector consists of the jewelers, real estate companies and agents, tax advisors, administration offices, car dealers, lawyers, notaries and accountants. The first DNFBP invited to attend an information session were the jewelers and real estate companies and agents, which took place last August. Thereafter compliance questionnaires were sent to these companies by the FIU for completion.

Pursuant to the AML/CFT legislation, intentional non-compliance with the instructions of the FIU is considered a criminal offense and can be sanctioned with a maximum of four years imprisonment or with a financial penalty of maximum five hundred thousand guilders, or with both. The FIU is now in consultation with the Public Prosecutor’s Office to arrange the execution of the NORUT article 23.

To enhance the integrity of Sint Maarten’s financial system, the FIU as of January 1, 2015, will report non-compliance with the AML/CFT legislation to the Public Prosecutor’s Office with the request to prosecute the non-compliant DNFBP.

The work of the FIU is on-going. The notaries have received their information session this month and were sent the compliance questionnaires for completion. The next DNFBP will be approached in the coming months.

 

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