International Law

DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (I)

By Karel.Frielink

An overview

Important Netherlands Antilles anti-money-laundering regulations include the National Ordinance Penalization Money Laundering (?Landsverordening Strafbaarstelling Witwassen van Geld?, ?NOML?) which criminalizes money laundering, and the National Ordinance on the Reporting of Unusual Transactions (?Landsverordening Melding Ongebruikelijke Transacties?, ?MOT?). The latter requires anybody who offers financial services to report, without delay, any ?unusual transactions? to the Financial Intelligence Unit (?Meldpunt Ongebruikelijke Transacties?).

Non-legislative regulations, such as the Provisions and Guidelines on the Detection and Deterrence of Money Laundering and Terrorist Financing for Credit Institutions (?Guidelines?), issued by the Central Bank of the Netherlands Antilles are also relevant. These state that the Netherlands Antilles is a member of the Financial Action Task Force on Money Laundering (?FATF?) and the Caribbean Financial Action Task Force (?CFATF?) and indicate that such membership is part of the genesis of its anti-money laundering efforts. For instance, Section 3 of the CFATF Recommendations states that countries should criminalize the aiding and abetting of serious offences.
 
Section 3 of the NOML states that a person shall be deemed guilty by default of the laundering of money if that person:

(a) acquires, has at his disposal or transfers money while at the time the money was acquired by him or became available to him, it would have been reasonable for him to have presumed that the same was derived from criminal acts; or

(b) for the purpose of gain, has at his disposal or transfers money while he reasonably may presume that the money has been derived from criminal acts.

In addition, Section 5 states that both legal entities and those individuals directing legal entities may be held criminally liable under Section 3 NOML.

Karel Frielink
Attorney (Lawyer) / Partner

Full post as published by Karel's Legal Blog on April 29, 2008 (boomark / email).