Business CW 2023 - 07 | Page 6

Curacao International Financial Services Association (“CIFA”)

Introduction

The Curaçao International Financial Services Association (“CIFA”) is the representative association of professionals in the international financial services sector of Curaçao. CIFA’s vision is to make Curaçao the gateway of choice, both inbound and outbound, for international financial services. Curaçao's reputation as a solid and integer financial center is key in the development and implementation of this vision.

Therefore, CIFA is actively collaborating with public and private sector stakeholders to guide our jurisdiction towards a successful outcome of the upcoming Caribbean Financial Action Task Force (“CFATF”) Mutual Evaluation (“ME”). This Mutual Evaluation is a critical assessment to determine to what extent Curaçao is complying with global standards on Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) and the Financing of Proliferation of weapons of mass destruction (“CFP”). In addition to testing the compliance with the global standard, the CFATF will also assess the effectiveness of the measures that Curaçao takes. The conclusion(s) of the CFATF ME of Curaçao will be publicized widely and internationally. Most, if not all, countries and their financial service providers, use that information to assess the ‘riskiness’ of doing business with a country.

How is CIFA collaborating in the preparation towards the upcoming CFATF Mutual Evaluation (“ME”)?

The ME focusses on the overall framework of Curaçao, including laws, regulations as well as both the public and private sector compliance and effectiveness. Many of these items are outside of the span of control of CIFA and its members (all within the private sector), since ultimately the public sector is responsible for the

implementation of the AML/CFT/CFP regime. It is however CIFA’s firm belief that this upcoming ME is not just for the public sector/government to work on.

This concerns us all and the impact of a negative outcome will be felt by us all. And by “us all”, we are not referring to the CIFA members, but to all persons and businesses in Curaçao. In order to achieve the best possible outcome, we all have a duty to support our government and their agencies in preparing for this ME.

CIFA is specifically doing this through amongst others:

-Providing expert knowledge from the industry to assist in the review of regulatory papers and advising on crucial strategic decisions.

-Coordinating training sessions and liaising with the regulated industries to ensure a maximum participation of the private sector in training and preparation sessions.

-Assist in the creation of awareness on the subject of AML/CFT/CFP across Curaçao.

-Provide project management assistance for special projects where needed.

-Providing financial support to the Ministry of Finance to cover part of the additional expenses for this ME.

While we cannot determine or decide the outcome of this ME - the CFATF assessors will collect information and follow their pre-determined methodology - the CIFA as an engaged, committed and responsible association will do all that is in its power to have the CFATF reach a positive conclusion on Curaçao’s measures and effectiveness in the prevention of financial crime.

Issue 7/Business CW 6