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International Monetary Fund
This review of financial sector regulation and supervision in the Kingdom of the Netherlands—Netherlands Antilles explains banking, insurance, and pension fund supervision. The Netherlands Antilles is resolved to remove the perception created by placement of the jurisdiction in the weakest category of the list of offshore financial centers, published by the Financial Stability Forum (FSF). Bank of the Netherlands Antilles (BNA) staff is highly capable, well-trained, and dedicated, and is able to attract appropriate personnel and material resources to perform its functions.
International Monetary Fund

Understanding OFC Offshore Financial Center RCUT Reporting Center for Unusual Transactions ROSC Report on Observance of Standards and Codes SOCPF State Ordinance on Company Pension Funds SOIRFS State Ordinance on the Identification for Rendering Financial Services SORUT State Ordinance on the Reporting of Unusual Transactions SOSCS State Ordinance on the Supervision of the Credit System SOSIB State Ordinance on the Supervision of the Insurance Business SOSMTC State

International Monetary Fund
This assessment of financial sector supervision and regulation for the Kingdom of the Netherlands—Aruba discusses its financial sector, which is primarily domestically orientated with limited offshore financial sector activity. The system for banking supervision and regulation in Aruba was found to be compliant or largely compliant with 19 of the Basel Core Principles (BCP). Aruba had improved its rules and systems, and was cooperating effectively with other jurisdictions on antimoney laundering (AML).
International Monetary Fund

Development QI Qualified Intermediary P&C Property and casualty SOCPF State Ordinance on Corporate Funds UTRC Unusual Transactions Reporting Center P reface At the request of the authorities, a Module II offshore financial center assessment of the Netherlands Antilles was carried out during a two-part MFD/LEG mission, January 14–18 and April 15–24, 2002. 1 An update was performed by written procedure and in a series of telephone conferences with the authorities in May and June 2003. In its assessment, the

International Monetary Fund

6 percent on average over the past five years; albeit during 2006, net premiums fell by 12 percent. 36. The CBA supervises insurers incorporated in Aruba based on the State Ordinance on the Supervision of the Insurance Business (SOSIB). The SOSIB, effective since 2001, stipulates that life and non-life insurance business must be carried out by separate legal entities. However four companies, which were carrying out a life plus health insurance model at the time the SOSIB was issued, were grandfathered by law. Table 5. Aruba: Insurance Sector

International Monetary Fund

depositing their annual statements at the Companies Registry. 39. On the other hand, these corporate entities are recently becoming less of a “black box.” First, although at the company formation stage there are no requirements that the beneficial owner of the corporate entity be known, the CSPs will be obliged, under the recent State Ordinance on the Supervision of Fiduciary Companies, 10 to apply KYC or customer due diligence rules. 11 Second, these companies will be required to disclose much more information on their financial condition, as well as on ownership and

International Monetary Fund

authorities introduced a new State Ordinance on the Supervision of the Credit System . It is based on the Dutch Act on the Supervision of the Banking System and is largely in compliance with the Basle Committee Core Principles for Effective Banking Supervision . This new legislation replaces the prior supervisory framework that was based on the Banking Act of 1972. The new act provides the central bank with a modern legal supervisory framework, formalizes most of the methods already applied in practice, and places offshore banks under the supervision of the central bank

International Monetary Fund
This Background Paper describes economic and financial developments in Aruba during 1997–98. The paper highlights that in the mid-1990s, the boom in the hotel sector came to an end, and the economy started to grow at a more sustainable pace. The paper reviews real economic activity, employment, and domestic price movements. It covers public finances and fiscal policy, including the budget for 1999, and also addresses monetary and exchange policy and developments. An analysis of recent trends in the external current and capital accounts is also presented.
International Monetary Fund
This paper discusses detailed assessment of compliance with the Basel Core Principles for effective banking supervision for the Kingdom of the Netherlands—Aruba. Aruba’s offshore banking sector is small by international standards, with only two institutions registered. The mission also recommends that the Central Bank of Aruba (CBA) meet with management to better understand their plans for their Aruban operations and their financial results. Aruba remains open to foreign investment and migrant workers, who make up 40 percent of the population and have been key contributors to economic growth.
International Monetary Fund

companies and company pension funds on the basis of the respective state ordinances regulating these sectors. CBA is an autonomous entity. The President of CBA, assisted by two executive directors, determines the policies of CBA. The President is appointed on the recommendation of the Supervisory Board for an indefinite period by the Governor of Aruba, who is the representative of the Queen of the Netherlands. Only the Governor, on the recommendation of the Supervisory Board, can approve the President’s dismissal. The political responsibility for the execution of CBA