Why is it so important for CIFA that our jurisdiction is positively assessed during the CFATF ME?
It must be emphasized that a positive outcome of this CFATF ME is not only important for CIFA. The 2024 review will impact Curaçao's overall economic progress and ease of access to international financial services. Non-compliance with international best practices will impact our reputation and with that our potential economic growth. We believe that a negative ME of Curaçao can have dire consequences, to name a few:
Economic: Reduced foreign investment and hindered economic growth, jeopardizing job opportunities and living standards.
Financial Strangulation: Limited access to global financial markets, resulting in difficulties conducting international transactions, sending/receiving money abroad, and increased costs for imported goods and financial services. It's important to note that 90% of the food consumed in Curaçao is imported, and payments for these imports are made through international banks. Suppose we fail to meet the required standards. In that case, the cost of financial services and transactions will increase,
leading to higher prices for imported food.
Reputation Crisis: Damage to Curaçao's standing as a secure and compliant jurisdiction, impacting tourism and other vital industries.
Community Suffers: Every citizen in Curaçao will feel the impact of non-compliance, including limited availability of goods, further price increases, reduced purchasing power, and increased red tape when opening a bank account and/or executing transactions due to Curaçao being branded as a high-risk country by counter-parties such as correspondent banks
What advise do you have for the public in general, in light of this important upcoming evaluation?
Our collective responsibility has never been more crucial. United we stand, but divided we fall. Public and private sector should come together for the same objective. It is time to roll up our sleeves and work as a united front to satisfactory pass this upcoming evaluation. Our call to each and every one that lives on this beautiful island is to get informed, get involved, and contribute where you can to secure our economic future.