St. Maarten Government installing commission to combat money laundering and terrorism financing

POSTED: 01/13/12 11:42 AM

St. Maarten – Prime Minister Sarah Wescot-Williams announced on Wednesday that the Government of St. Maarten has decided to establish a permanent commission to combat money laundering and terrorism financing. The members of the committee will be drawn from the private and public sector.
Their work will be guided by a ministerial steering committee that includes the Ministers of Justice, Finance and Economic Affairs. All the committee’s meetings will be chaired by the prime minister.
“Such a commission, at least as far as the combating of money laundering is concerned, existed as part of the former Netherlands Antilles and so country St. Maarten has now established its own draft resolution,” Wescot-Williams said.
The decree to set up the committee has been sent to Governor drs Eugene Holiday for signing. Once established the committee will give the government a tool to directly deal with money laundering and terrorism financing.
The announcement that the committee has been established was made on the same day that Attorney General Dick Piar presented Justice Minister Roland Duncan with the Crime Analysis of St. Maarten report. The document suggests that real estate companies and the gaming industry are suspected hubs of money laundering.

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