{"id":6236,"date":"2025-07-18T20:12:19","date_gmt":"2025-07-18T20:12:19","guid":{"rendered":"https:\/\/minfin.cw\/?post_type=updates&#038;p=6236"},"modified":"2025-07-18T20:12:55","modified_gmt":"2025-07-18T20:12:55","slug":"caribbean-financial-action-task-force-cfatf-mutual-evaluation-report-curacao","status":"publish","type":"updates","link":"https:\/\/minfin.cw\/en\/updates\/caribbean-financial-action-task-force-cfatf-mutual-evaluation-report-curacao\/","title":{"rendered":"Caribbean Financial Action Task Force (CFATF) Mutual evaluation report Cura\u00e7ao"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The CFATF 4<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> Mutual Evaluation Process of Cura\u00e7ao is concluded with the publication of Cura\u00e7ao\u2019s Mutual Evaluation Report on <\/span><span style=\"font-weight: 400;\">July\u00a0 ,<\/span><span style=\"font-weight: 400;\"> 2025. Minister Javier Silvania expresses his sincere gratitude and appreciation to all public- and private sector representatives who have worked and contributed diligently and collaboratively to the Mutual evaluation process of Cura\u00e7ao.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Minister Silvania welcomes the Report and confirms that Cura\u00e7ao is committed to rigorously implement its recommended actions.\u00a0This implementation process will be monitored closely by Minister Silvania and reported to the CFATF through the CFATF follow-up process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please find herewith a compilation of Cura\u00e7ao\u2019s CFATF Mutual Evaluation Process and the findings as can be appreciated in the report.<\/span><span style=\"font-weight: 400;\">Cura\u00e7ao underwent its 4<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> round CFATF mutual evaluation during the period of 2023-2025. During this period several activities took place. Some of these activities include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review and analysis of existing laws and regulations, periodic monitoring and prioritization of certain legislative processes on an ongoing basis;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhanced collaboration between public and private sector stakeholders and periodic meetings to discuss progress and required actions related to the CFATF mutual evaluation;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submission of information and documents, evidencing compliance with the 40 FATF Recommendations, based on the CFATF technical compliance Questionnaire in January 2024;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submission of information, data and statistics, evidencing compliance with the applicable legal requirements related to combatting money laundering, terrorism financing and proliferation, based on the CFATF effectiveness questionnaire in April 2024;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">the CFATF mutual evaluation on-site was carried out by CFATF Assessors from June 17-28, 2024, during this period the CFATF Assessors held interviews with various public sector organizations and private sector institutions;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">training sessions provided to public &#8211; and private sectors during 2023 \u2013 2025 related to the CFATF mutual evaluation;<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CFATF Working Group and Plenary Discussions held in Trinidad and Tobago during which the CFATF mutual evaluation report of Cura\u00e7ao was discussed on May 25 and 29, 2025.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Minister Silvania has been actively involved during this whole process and together with a delegation of Cura\u00e7ao participated actively in the CFATF Working Group and Plenary Discussions held in Trinidad and Tobago. The mutual evaluation report of Cura\u00e7ao was adopted during the CFATF plenary on May 29, 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CFATF Mutual Evaluation Report\u2019s Executive Summary includes the key findings and priority recommended actions and provides an overview of the overall level of compliance and effectiveness which is further detailed in the body of the report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report gives the reader insight in the ML\/TF risks and context of Cura\u00e7ao: materiality, structural elements, background and other contextual factors are all considered within the weighing of the respective ratings. The report recognizes the efforts and progress of Cura\u00e7ao to combat money laundering, terrorism financing and proliferation. The report also underscores our risk understanding and mitigating measures taken by the Public Prosecutor\u2019s Office and the respective law enforcement agencies and supervisory authorities. The effectiveness of Cura\u00e7ao\u2019s international co-operation is acknowledged with a substantial effectiveness rating.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report further identifies areas for improvement in the effectiveness of supervision as carried out by the national supervisory authorities. Moreover, the preventive measures and sanctions related to terrorism financing and proliferation require improvements. Cura\u00e7ao must undertake actions to address the shortcomings identified on its legal system and on operational issues which include the use of financial intelligence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report recognizes that preventive measures taken by institutions under supervision are in accordance with the standards and are deemed effective\u00a0 which resulted in a moderate level of effectiveness rating. Cura\u00e7ao must identify the ML\/TF risks and vulnerabilities of legal persons and arrangements and ensure timely access to adequate, accurate beneficial ownership information on legal persons and arrangements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report includes <\/span><span style=\"font-weight: 400;\">a Technical Compliance Annex, i.e.,<\/span> <span style=\"font-weight: 400;\">an analysis of Cura\u00e7ao\u2019s compliance with the 40 FATF Recommendations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the 4th round procedures and based on the results, Cura\u00e7ao falls under the enhanced follow-up process. This means that Cura\u00e7ao must demonstrate progress made on the findings and priority actions of the report within designated time frame to avoid being placed on the FATF grey list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A national action plan will be implemented and monitored periodically by Minister Silvania to address the actions identified, including the allocation of resources where needed to ensure compliance with the recommended actions. Engagement with public and private sector stakeholders will continue in this follow-up process to ensure effective cooperation and collaboration between all stakeholders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The desired outcome will\u00a0 be achieved if each stakeholder complies with its designated duties and recommended actions coming out of the report.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"featured_media":0,"parent":0,"menu_order":0,"template":"","categories":[32],"tags":[],"class_list":["post-6236","updates","type-updates","status-publish","hentry","category-press-releases"],"acf":[],"_links":{"self":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/updates\/6236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/updates"}],"about":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/types\/updates"}],"version-history":[{"count":3,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/updates\/6236\/revisions"}],"predecessor-version":[{"id":6238,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/updates\/6236\/revisions\/6238"}],"wp:attachment":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/media?parent=6236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/categories?post=6236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/tags?post=6236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}