A° 2014
N° 86
OFFICIAL GAZETTE NATIONAL ORDINANCE of 25th September 2014 regulating the supervision of money transaction offices (National ordinance on the supervision of money transaction offices)
IN THE NAME OF THE KING!
The Governor of Curaçao, having considered: that it is desirable to regulate the supervision of money transaction offices for the protection of the integrity of the financial sector in Curaçao; that it is also desirable to tighten up the supervision of money transaction offices in order to combat money-laundering and the finance of terrorist crime, thereby implementing the recommendations of the Financial Action Task Force on Money Laundering (FATF); after hearing the Advisory Council and consulting with Parliament, has laid down the following National Ordinance: Chapter 1 Introductory Provisions Article 1 In this National Ordinance and the provisions based on it, the following terms are understood to mean: Bank Guarantee: a guarantee provided by a credit institution registered in Section I of the Register, referred to in Article 11, clause 1, of the National Ordinance on the Supervision of the Bank and Credit System (1994 1), which provides that credit institutions give an irrevocable and unconditional guarantee to third parties for money or pecuniary value that was made available and that has not yet been paid or made payable in the context of a money transaction referred to in part b; the Bank: the Central Bank of Curaçao and Sint Maarten and also the authority responsible for supervising money transaction offices; the Minister: the Minister of Finance;
For written exchange with statements, see Session 2013-2014-042. 1
P.B. 1994, no. 4
86 payment order: external expert: qualified participation:
money transaction:
money transaction office:
register: supervisory authority:
-2a written order from the Bank that amounts to an enforcement to pay the pecuniary debt; an external expert as referred to in Section 121 of Book 2 of the Civil Code; a direct or indirect interest of more than 10% of the nominal capital of a company or institution, or the direct or indirect ability to exercise more than 10% of the voting rights in a company or institution, or the direct or indirect ability of an equivalent control in a company or institution; 1°. obtaining access to money or pecuniary value in the context of a money transfer, in order to make that money or pecuniary value available or payable to a third party elsewhere, or to pay money or a pecuniary value or make it payable after the money or pecuniary value has been made available, in which case this transfer of money constitutes a separate service; 2°. other related activity, to be defined by general provisions in a national decree; anyone who performs monetary transactions in a professional or commercial capacity for or upon request from a third party, or who is professionally or commercially active in the realization of such transactions; the register of money transaction offices, referred to in Article 11; a government body or a body appointed by the government, responsible for the supervision of the financial markets or legal entities, companies or natural persons operating in those markets, as well as a government body, or a body appointed by the government, responsible for monitoring the compliance with the law and regulations for combating money laundering and financing terrorism. Chapter 2 The Licensing System Article 2
1. It is prohibited to operate as a money transaction office in or from Curaçao without prior permission from the Bank. 2. The permission can at any time be made subject to regulations and restrictions in the interest of a healthy financial sector, the prevailing monetary policy, and foreign exchange transactions. 3. The prohibition in clause 1 does not apply to: a. the Bank; or b. foreign currency banks that have been granted authorization pursuant to Article 9, clause 3, of the Central Bank Statute for Curaçao and Sint Maarten to operate as a foreign exchange bank.
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Article 3 1. The Bank can make an exception or grant dispensation from the prohibition in Article 2 clause 1 upon request, in exceptional cases, to companies or institutions. 2. The cases in which a company or institution can be granted exemption from the prohibition referred to in Article 2 clause 1 are set out in a National Decree establishing universally applicable measures. 3. The Bank will refuse to make an exception or grant a dispensation as referred to in clause 1 if after evaluating the expertise and integrity of one of the persons referred to in Article 4, clause 2 (b), (c), (d), and (e), it is of the opinion that: a. It would adversely affect the integrity of the financial sector. This will in any case apply if the Bank has a reasonable suspicion that the money transaction office or one or more persons referred to in Article 4, clause 2 (b), (c), (d), and (e) are or will be performing money-laundering activities, or are or will become involved in funding crimes made punishable based on international obligations to combat terrorism; or b. the business operations or the administrative organization is inadequate to promote or maintain incorruptible operations, or to comply with the other statutory obligations governing money transaction offices. 4. Any exemption or dispensation can be made subject to regulations and restrictions in the interest of a healthy financial sector, the prevailing monetary policy, and foreign exchange transactions. 5. Exemptions or dispensations can be repealed, if: a. the grounds on which the exemption or dispensation was granted have changed to such an extent that the dispensation or exemption are no longer justifiable; or b. the regulations or restrictions referred to in clause 4 are breached or not respected. Article 4 1. Any company or institution intending to operate as a money transaction office must send an application to the Bank by registered mail for a license to operate as a money transaction office. 2. The application will not be recognized by the Bank and not processed if it does not contain the following information and documents: a. the start-up capital of the money transaction office; b. the quantity, identity, training, work experience, and the background of the Board of Supervisory Directors of the money transaction office; c. the number, identity, educational level, work experience, and background of those who determine or co-determine the money transaction office policy, in the Bank's judgment; d. the identity, educational level, work experience, and background of persons who determine the policy of the group to which the money transaction office belongs and who therefore also determine or co-determine the money transaction office; e. the identity, financial position, and background of those with a qualified participation in the money transaction office, as well as the size of the qualified participation concerned; f. the deed of incorporation of the money transaction office; g. the anticipated business activities, including measures to promote and maintain incorruptible business activities;
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h. the anticipated administrative organization of the money transaction office, including the accounts and internal checks and balances; i. the written undertaking from a credit institution providing a bank guarantee, if the license is granted; j. other information and documents as required by the Bank for the purpose of evaluating the application. 3. If the information and documents referred to in clause 2 are insufficient to evaluate the application, the Bank is entitled to ask the applicant to provide additional information within a period of 30 days. The period referred to in Article 5, clause 2, required to award a license is suspended until the date additional information is provided, or when the period specified for completing the application has expired unused. 4. The Bank can furthermore decide not to process an application if it considers the data, documents, and information provided to be insufficient to assess the applicant. The decision not to process the application is communicated to the applicant within four weeks from the application being completed or when the period specified for it expiring unused. Article 5 1. The Bank will grant the license on the following conditions: 1°. the day-to-day management of the money transaction office is determined by two or more natural persons; 2°. the Bank considers the expertise of one or more people who determine or codetermine the money transaction office's management is adequate for managing a money transaction business; 3°. it considers the integrity of one or more of the people who determine or co-determine the policy of the money transaction office with a view to the interests of present and future customers of the money transaction office, beyond doubt, based on their intentions or background; 4°. the money transaction office has a Board of Supervisory Directors with at least three members; 5°. the Bank considers the integrity of one or more of the people who determine or codetermine the policy of the group to which the money transaction office belongs, and therefore also the policy of the money transaction office, beyond doubt, based on their intentions or background, with a view to the interests of present and future customers of the money transaction office; 6°. it considers that the expertise of one or more of the people who determine or codetermine the policy of the group to which the money transaction office belongs, insofar as they also determine or co-determine the policy of the money transaction office on that basis, sufficient to operate money transaction office; 7°. the money transaction office has at least a minimum amount of own funds, to be determined by the Bank, and a bank guarantee as referred to in Article 4 clause 2 (i); 8°. it considers that a qualified participation in the money transaction office could not lead to any influence being exerted over the money transaction office that would be incompatible with a healthy financial sector, prevailing monetary policy, or foreign exchange;
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it considers the integrity of one or more of the holders of a qualified participation beyond doubt, based on their intentions and background, with a view to the interests of present and future customers of the money transaction office; 10째. it considers based on the information referred to in Article 4, clause 2 (g) and (h), that the money transaction office is able to meet the requirements imposed for the sake of supervision; 11째. it has no reason, based on the object in the articles of incorporation, to assume that the money transaction office can develop activities in areas situated outside its own business activities, which would therefore pose a threat to a healthy financial sector, prevailing monetary policy, or foreign exchange; and 12째. the money transaction office is a limited company or a closed corporation, or if it concerns a foreign money transaction office, has a legal form that is similar to these legal persons. 2. The Bank makes a decision on the license application within 60 days from receipt of: a. a complete application; and b. the amount, as referred to in Article 17, clause 1. and it conveys its decision by registered mail. 3. The Bank can decide that a money transaction office does not need to comply with one or more of the conditions set out in clause 1, provided the applicant demonstrates that it cannot reasonably meet those conditions in full and that the objectives envisaged by this National Ordinance are sufficiently achieved in other ways. The Bank can amend or repeal the aforementioned decision, if in the Bank's opinion, the circumstances in which the decision was made have changed to an extent that the objectives envisaged by the National Ordinance are no longer achieved. Article 6 The Bank can refuse the license, if: a. it has grounds to assume that the money transaction office applied for the license to evade the regulation on the supervision of money transaction offices in a different State; b. the structure of the group, which the money transaction office forms part of, is such that the Bank cannot carry out adequate, effective supervision of the money transaction office; c. it is of the opinion that granting the license would or might undermine a healthy financial sector, the prevailing monetary policy, or the money exchange policy; or d. it is of the opinion that the Bank of the authority in the country of origin of the money transaction office concerned, which is responsible for supervising money transaction offices, cannot perform adequate, effective supervision on a consolidated basis.
Article 7 1. Any money transaction office that has been granted a license is obliged to remain compliant with the conditions under which the license has been granted, as referred to in Article 5 clause 1, as well as with the regulations associated with and the restrictions imposed by the license referred to in Article 2 clause 2.
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2. A company or institution that is granted an exemption or dispensation, as referred to in Article 3 clause 1, is obliged to remain compliant with the regulations associated with and the restrictions imposed by the license referred to in Article 3 clause 4.
Article 8 1. The Bank will revoke the license, if: a. The money transaction office asks for it to be revoked. The Bank will make a decision based on such request within 60 days from receiving it; b. the money transaction office is declared bankrupt or is granted a suspension of payments; c. the money transaction office is patently no longer performing its activities as a money transaction office; d. the money transaction office patently no longer meets the definition set out in Article 1, part a; e. the money transaction office abuses the license or uses it improperly; f. the structure of the group to which the money transaction office belongs has changed to such an extent that the Bank or authority of the country of origin responsible for supervising the money transaction office is insufficiently able to carry out adequate and effective or consolidated supervision of the money transaction office; g. the money transaction office or one of the persons determining or co-determining the management of the money transaction office concerned does not comply or no longer complies with the obligations imposed by or pursuant to this National Ordinance. 2. The Bank can repeal the license, if: a. the information or documents supplied for the purpose of the license application are incorrect or incomplete to the extent that the license application would have had a different outcome if the actual circumstances had been fully known at the time; b. circumstances occur or facts have become known on which basis the license would have been refused, if those events had occurred or if the facts had been known before the license was granted; c. one of the managers or the person who determines or co-determines the day-to-day management of the money transaction office is declared bankrupt or is granted a suspension of payments; d. the bank guarantee, referred to in Article 4, clause 2, part i, is no longer granted. 3. Any decision to revoke a license or to refuse the cancellation of a license is given in writing, stating the reasons, and is communicated by the Bank to the money transaction office concerned by writ. 4. Any decision to revoke a license and, if the Bank considers it necessary in the interest of the development and preservation of a healthy financial sector, the monetary policy or currency exchange, as well as the reasons for the cancellation, are published in the publication used for official communications on behalf of the State, as soon as possible after the decision has become irrevocable. The Bank can also disclose its decision in other ways, at its own discretion, if it considers this in the interest of the customers of the money transaction office, including the reasons for the cancellation referred to in the first sentence. The costs of publishing the announcement must be borne by the money transaction office concerned.
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5. The Bank can postpone the date on which the public announcement referred to in clause 4 is made to a time at its discretion if such publication could seriously harm the interests of the customers of the money transaction office. 6. The Bank will use registered mail to notify the money transaction office that has had its license revoked and which has disputed or appealed against the cancellation, informing it that from the time the license is repealed, all or specific bodies of the money transaction office are only allowed to exercise their powers after the orders have been approved by one or more persons appointed by the Bank, while following instructions given by those people, which notification will take immediate effect. In relation to this notification, the provision in Article 23, clause 4, sections a, b, d, and e, applies accordingly. The money transaction office is prohibited from acting contrary to the Bank's notification. 7. After a cancellation of a license has become irrevocable, the money transaction office that has had its license revoked is obliged to put an end to its activities as a money transaction office, in accordance with the conditions, procedure and period stipulated by the Bank. The Bank is authorized to restrict or prohibit the money transactions office's power to access its assets or to prohibit it to access its assets, except with the Bank's written permission. 8. Any money transaction office that disputes or appeals against the Bank's refusal to revoke the license is obliged to continue its activities while its objection or appeal is pending, taking into account the mandatory guidelines stipulated in or pursuant to this National Ordinance, as well as the guidelines associated with and restrictions contained in the license.
Article 9 1. The Bank lays down universally binding guidelines for the purpose of the money transaction offices that are under its supervision pursuant to this National Ordinance, in relation to: a. expertise and integrity; b. financial guarantees; c. the business activities, including measures aimed at promoting an incorruptible business and the administrative organization of the money transaction office, including the accounts and the internal checks and balances; and d. the information to be provided to the Bank and to the public. 2. The universally binding guidelines referred to in clause 1 section c, will in any case include rules regarding: 1°. the prevention of any conflict of interests; 2°. the prevention of any involvement of the money transaction office and its employees in criminal activities that may undermine confidence in the money transaction office or in the financial markets in general; 3°. the prevention of any involvement of the money transaction office and its employees in activities that are considered unacceptable in society to the extent that they undermine confidence in the money transaction office or in the financial markets in general; 4°. the determination of the identity, nature, and background of the clients of the money transaction office; 5°. orderly and transparent financial market processes;
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6째. clear relationships between market players and a meticulous treatment of clients or consumers, for example to guarantee the provision of information to clients or consumers. 3. The Bank can determine that the universally binding guidelines referred to in clause 1, also apply to the institutions referred to in Article 2 clause 3 (b), or to the companies or institutions referred to in Article 3, clause 1, which are obliged to comply and to remain compliant with those guidelines. 4. A money transaction office operating with a license is obliged to comply and to remain compliant with the guidelines referred to in clause 1. Article 10 1. The Bank can establish universally binding guidelines, relating to the implementation of international or intergovernmental organizations, applicable to the money transaction offices brought under its supervision pursuant to this National Ordinance. 2. The Bank can determine that the universally binding guidelines referred to in clause 1, also apply to the institutions referred to in Article 2 clause 3 (b), or to the companies or institutions referred to in Article 3, clause 1. These institutions or companies are obliged to comply and to remain compliant with these guidelines. 3. A money transaction office operating with a license is obliged to comply and to remain compliant with the guidelines referred to in clause 1. Article 10a 1. In the event Article 2 clause 1 is breached, or in the event money transaction activities are carried out contrary to the refusal referred to in Article 3 clause 3, the Bank is allowed to issue a public warning, which may include a reference to the considerations that have given rise to the warning, if necessary. 2. The power to issue a public warning as referred to in clause 1 is without prejudice to the Bank's power to publish universal warnings issued by international or intergovernmental organizations in this country. 3. If the Bank decides to issue a public warning as referred to in clause 1, it will inform the person or institution involved of its decision. 4. The decision will in any case mention the observed breach, the content of the public notification, the grounds on which the decision is based, as well as the manner and the period after which the public warning will be issued. 5. No public warning will be issued before five working days have lapsed since the day when the person or institution concerned has been informed of the decision pursuant to clauses 3 and 4. 6. If a provisional measure is requested as referred to in Article 85 clause 1, of the National Ordinance on Administrative Justice, the decision will only come into effect when the Court has issued a ruling. 7. If it is against the interests which this National Ordinance is designed to protect to postpone the publication, the supervisory authority is entitled to issue a public warning in derogation of the previous clauses. 8. Article 64, clause 2, applies accordingly.
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Chapter 3 The Register Article 11 1. The Bank keeps a Register of Money Transaction Offices that have been granted a license. In addition, the Register contains one or more annexes with companies or institutions that were registered with an exemption or dispensation, as referred to in Article 3, clause 1. 2. The Bank records any money transaction office granted a license in the Register on the date the license is granted. 3. In the Register, the Bank puts a line through the name of any money transaction office that has its license revoked. 4. Newly licensed money transaction offices entered in the Register are published on the Bank's website within two weeks from the date of their registration. 5. Each year, in January, the Bank ensures that a copy of the Register as it was on 31 December of the previous year is published in the Official Gazette. 6. A copy of the Register can be consulted free of charge at the Bank. Chapter 4 Monitoring and Reporting Article 12 1. Every money transaction office is obliged to submit its financial statement to the Bank every year within a period to be specified by the Bank; it must at least include a balance sheet and a profit and loss account, with explanatory notes for the previous fiscal year, in a format to be specified by the Bank. It must be accompanied by an external expert's report and management statements. 2. Each money transaction office is obliged to submit periodic statements concerning its business to the Bank by the deadlines laid down for this purpose. 3. The format in which the periodic statements must be produced, the consecutive dates they must relate to and the periods within which they must be submitted are laid down by the Bank after consultation with a representative organization, if any such organization has been appointed. 4. If the Bank considers it necessary in the interest of effective supervision, it can determine the following, in relation to the periodic statements: a. to amend the consecutive dates they must relate to and to shorten the periods within which the statements must be submitted; b. an external expert's statement must accompany these statements. 5. The Bank can grant money transaction offices dispensation from the requirements in clauses 1 and 2. Any dispensation can be made subject to regulations and restrictions. The money transaction office is obliged to remain compliant with the regulations and restrictions attached to the dispensation referred to in the first sentence.
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6. The Bank can decide that the financial statement of a money transaction office that does not comply with the definition of a large corporation as referred to in Article 119, clause 2, section 4 of Title 5 of Book 2 of the Civil Code must be evaluated or inspected by an expert, other than the external expert who produced it.
Article 13 1. The external expert expected to issue a statement pursuant to Article 12, clause 1, about the financial statement of a money transaction office and who must issue a statement accompanying the periodic statements pursuant to Article 12, clause 4 (b), is obliged to inform the Bank as soon as possible of any circumstance he has learned about in the course of his activities that: a. is contrary to the demands imposed for obtaining the license; b. is contrary to obligations imposed by or pursuant to this National Ordinance; c. forms a threat to the continued existence of the money transaction office; or d. may threaten the issue of a statement of approval concerning accuracy. 2. The external expert is furthermore obliged in the event of a notification referred to in clause 1 to send the Bank without delay a copy of his report, the management statements and any correspondence directly related to the statement with the financial statement or with the periodic statements, if and insofar as the Bank considers it necessary to have a statement from an external expert. If the Bank considers it necessary, the external expert must give the Bank a verbal explanation with the financial statement and with the aforementioned documents. 3. External experts who also perform work for another company or institution in addition to their work for the money transaction office are obliged to report accordingly, as in clause 1, if the money transfer office is a subsidiary of another company or institution, or if the other company or institution is a subsidiary of the money transaction office. 4. The external expert who sent a report to the Bank pursuant to clauses 1 and 3 is not liable for the loss suffered by a third party as a result, unless it is made plausible that the expert should not have reasonably submitted a report in view of all the facts and circumstances.
Article 14 1. The money transaction office is obliged to publish its financial statement for the previous fiscal year within a period specified by the Bank, in a format to be specified by the Bank. 2. The Bank can establish universally binding rules in relation to the publication of the financial statement and publication method.
Article 15 1. The only external experts allowed to issue statements as referred to in Article 12, clauses 1 and 4 (b) are experts to whom the Bank has not objected.
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2. The Bank can object to the appointment or retention of an external expert, if the external expert does not provide the necessary guarantees in its opinion so that the expert can adequately perform the duties designated to him in relation to the money transaction office. 3. The money transaction office and the external expert concerned are informed in writing of any such objection referred to in clause 2. 4. Money transaction offices are obliged to use the services of an external expert to whom the Bank has not objected.
Article 16 1. Money transaction offices are not permitted to do the following without the Bank's prior consent: a. to change their articles of incorporation; b. to hold, acquire or increase a qualified participation in another company or institution; or c. to set up branches, satellite offices or sales registers. 2. No one is permitted to do the following without the Bank's prior consent: a. to appoint the people who determine or co-determine the day-to-day management of the money transaction office; b. to appoint members of the Supervisory Board of the money transaction office; or c. to transfer or sell shares in a money transfer office, whether directly or indirectly.
Chapter 5 Covering the Costs of Licensing and Supervision Article 17 1. The applicant for a license or dispensation as referred to in Article 3 clause 1 owes the Bank a payment in relation to the license or dispensation. The Bank will not process the application before the payment is made. 2. The costs associated with implementing the provisions determined by or pursuant to this National Ordinance are passed on to the money transaction offices and those that have been granted a dispensation. A National Decree establishing universally applicable measures contains more detailed rules on how the costs are passed on, also establishing the level of the amounts referred to in this Article. 3. The level of the amounts referred to in this Article are determined so as to ensure that the overall total chargeable is at least equal to the costs incurred by the Bank in connection with processing the license applications, the dispensation requests and the supervision performed on the money transaction offices. 4. The amount due under clause 2 must be paid within four weeks from the date on the letter imposing the payment obligation. 5. If the amount payable under clause 2 is not paid, it is increased by statutory interest payable from the date when the period, referred to in clause 4, expired.
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6. If the amount payable under clause 2 is not paid within the specified period, the Bank will send a written demand for payment, requesting payment within two weeks from the date of the demand, of the amount due, plus statutory interest and the costs of the written demand. The demand for payment contains a notice to the effect that if the overdue amount plus the interest and costs of the written demand are not settled by the specified deadline, it will be collected pursuant to clause 7. 7. In the absence of timely payment, the Bank can issue a writ of execution to collect the amount increased by the costs of the reminder and the collection, including Statutory rent. 8. The order entitling summary execution is served by writ at the expense of the company concerned, and it is enforceable within the meaning of Book 2 of the Code of Civil Procedure. 9. Article 59 applies accordingly.
Chapter 6 Obligation of Confidentiality and Exchange of Information Article 18 1. Data or information on separate money transaction offices supplied as a result of provisions determined by or pursuant to this National Ordinance, and data or information received from an authority referred to in Article 19 clauses 1 and 2, will not be published and are confidential. 2. Anyone who receives data or information while playing any role in the implementation of this National Ordinance or in decisions made pursuant to it, or who obtains data or information while investigating accounts, documents, or other data carriers pursuant to this National Ordinance, is prohibited from making any additional or different use of it, or to disclose it for any other reason than for the performance of his duties or as required under this National Ordinance. 3. In derogation of the provision in clauses 1 and 2, the Bank can report a suspicion of a criminal offense, in the interest of a healthy financial sector. In cases when the Bank has filed a report or when the Bank is called on to act as a witness or expert, the Bank is allowed to provide information in the context of a criminal investigation, a preliminary inquiry, or proceedings in a court hearing. 4. In derogation of clauses 1 and 2, the Bank is entitled to issue communications that make use of the data or information it obtains while performing the duties assigned to it under this National Ordinance, provided the information cannot be traced back to individual money transaction offices. Data or information relating to separate money transaction offices can nevertheless be published, provided the money transaction office concerned has given its written consent. 5. In derogation of clauses 1 and 2, the Bank is entitled to inform the Office for the Disclosure of Unusual Transactions referred to in Article 2 of the National Ordinance, if it discovers facts 2 – while performing the duties assigned to it under this National Ordinance – that may indicate money-laundering or the funding of terrorism. 2
P.B. 2010, no. 41.
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Article 19 1. In derogation of Article 18, clauses 1 and 2, the Bank can provide data or information obtained while performing the duties assigned to it under this National Ordinance, to foreign or domestic supervisory bodies, unless: a. the purpose for which the data or information will be used is insufficiently specified; b. the intended use of the data or information does not fit in the context of supervision of financial markets or of legal entities, companies, or natural persons operating in those markets; c. supplying the data or information would not be compatible with prevailing statutory regulations or public order; d. the confidentiality of the data or information cannot be adequately guaranteed; e. supplying the data or information is or could reasonably be incompatible with the interests that this National Ordinance is aiming to protect; or f. it is insufficiently guaranteed that the data or information will not be used for a purpose other than that for which it is provided. 2. Insofar as the Bank has received data or information from a foreign or domestic supervisory authority, the Bank will not supply the data or information to another foreign or domestic supervisory authority unless the foreign or domestic supervisory authority from which the data or information was obtained has given its express consent that the data or information can be supplied, and if applicable, has consented to the information being used for a purpose other than that for which the information was provided. 3. If a foreign or domestic supervisory authority were to ask the Bank, which supplied the data or information pursuant to clauses 1 or 2, for permission to use that data or information for a purpose other than that for which it was provided, the Bank would only authorize that request on condition that: a. the intended use would not conflict with the use provided in clauses 1 or 2, or insofar as the supervisory authority would be able to obtain access to the data or information concerned from Curaรงao in a different manner based on the prevailing legal procedures for the purpose; and b. after consultation with the Procurator General if the request referred to in the preamble relates to a criminal investigation. 4. In derogation of Article 18, clauses 1 and 2, the Bank can also provide data or information to the Public Prosecution Service, the Office for the Disclosure of Unusual Transactions referred to in Article 2 of the National Ordinance, or other authorities responsible for criminal investigation and prosecution, if that data and information was obtained while performing the duties assigned to it under this National Ordinance, insofar as the Bank considers that the data or information is or could be relevant to ongoing investigations or to investigations still to be launched by the Home Office, the Office for the Disclosure of Unusual Transactions referred to in Article 2 of the National Ordinance, or by other authorities responsible for criminal investigation and prosecution.
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1. For the purpose of performing its duties pursuant to this chapter, the Bank is entitled to demand data or information from the money transaction office if this is necessary for a foreign supervisory authority as referred to in Article 19, clause 1, to perform its duties. Article 19, clause 1 and Article 24, clauses 2 to 5 apply accordingly. 2. At the request of a foreign supervisory authority, referred to in clause 1, the Bank can request data or information, or launch an investigation or arrange for an investigation to be carried out with anyone who falls or who may fall under its supervision pursuant to this National Ordinance, or with anyone whom it reasonably suspects could hold data or information that may be relevant to the requesting authority. 3. Those who have been asked for data or information as referred to in clause 2, must provide this data or information within a period specified by the Bank. 4. Those subjected to an investigation as referred to in clause 2, grant their full cooperation as required for the investigation to be conducted properly, on the understanding that anyone under investigation who is not subject to supervision under this National Ordinance is only obliged to grant access to business information and business documents. 5. The Bank can allow an officer from a foreign supervisory authority as referred to in clause 2 to take part in the performance of the investigation also referred to in clause 2. 6. The officer of a foreign supervisory authority who has been granted the consent referred to in clause 5, must follow the instructions of the person in charge of the investigation and will be under the authority of this person. Chapter 7 Special Provisions Article 21 1. The Minister can appoint an association of money transaction offices as a representative organization, after consulting the Bank. 2. The Bank will hold a consultation with the appointed representative organization as often as the Bank considers necessary, but at least once a year, concerning the policy in relation to the supervision for money transaction offices.
Article 22 Any institution providing services as referred to in the National Ordinance on Identification for Financial Services 3, is prohibited from providing services to a money transaction office, of which the institution knows or can reasonably assume that the prohibition referred to in Article 2, clause 1, applies.
3
P.B. 2010, no. 40.
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Chapter 8 Execution, Supervision, and Investigation Article 23 1. If the Bank observes that a money transaction office fails to comply with the obligations imposed by or pursuant to this National Ordinance, or if it compromises the interests of existing or future customers of the money transaction office in any other way, the Bank can ask the money transaction office in a letter sent by registered mail to take the necessary measures. If necessary, the Bank can arrange for its request to be accompanied by an instruction to follow a specific line of behavior on certain points, to be specified. The money transaction office is prohibited from acting contrary to any measures and instructions imposed by the Bank. 2. If the Bank considers that its request referred to in clause 1 is insufficiently or not complied with within the period specified, the Bank can: a. notify the money transaction office by registered mail that from a specific time at the Bank's discretion, all or certain bodies of the money transaction office are only allowed to exercise their powers after one or more persons appointed by the Bank have given their approval, and only pursuant to the instructions given by those persons, which would become effective immediately; b. notify the money transaction office by registered mail that it will proceed with publishing the measures and instruction referred to in clause 1. This publication is made in the paper used by the State to publish its official announcements, as well as in one or more newspapers at the Bank's discretion. This publication may also include the correspondence exchanged between the Bank and the money transaction office concerning the Bank's request, if the money transaction office requests it; c. enter into consultation on the matter with the representative association of money transaction offices to which the money transaction office belongs, if the Bank considers this in the interest of the money transaction office's existing or future customers. The Bank will inform the money transaction office of the consultation. 3. In derogation of clause 1, if the Bank perceives signs at the money transaction office of a development that requires immediate intervention in the Bank's opinion, the Bank may inform the money transaction office by registered mail that it is implementing sections a and c of clause 2 with immediate effect. The notification will only come into force after the Bank has given the money transaction office an opportunity to express an opinion on the immediate implementation, within a period specified by the Bank. 4. In relation to the notification referred to in clause 2 (a), and clause 3, the following applies: a. the bodies of the money transaction office are obliged to grant full co-operation to the persons appointed by the Bank and to carry out the instructions given by those people; b. the Bank can permit the bodies of the money transaction office to perform certain actions without the approval referred to in clause 2, section i; c. the persons appointed by the Bank will only exercise their powers for a maximum of two years from the date the notification is sent. The Bank is allowed to extend this period, each time for up to one year. The Bank will inform the money transaction office of any such extension by registered mail; d. the Bank can substitute persons that it has appointed with others at any time;
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e. those who form part of the money transaction office's body are personally liable to the money transaction office for any loss resulting from actions performed by the money transaction office contrary to the Bank's notification. The money transaction office can invoke the nullity of these actions if the other party was aware or could not have been unaware of the fact that the necessary approval was missing; f. as soon as the Bank is of the opinion that the interests of the money transaction office's current or future customers are not in danger, it will inform the money transaction office by registered mail that the relevant bodies of the money transaction office can resume their powers without limitation. 5. The Bank can only publicly disclose its decision on any events referred to in clause 2 (b) once it has become irrevocable. If the money transaction office complies at a later stage with the measures and line of behavior referred to in clause 1, after the decision is published, or if the measures or line of behavior are withdrawn by the Bank, the Bank will publish this in the same way as its first announcement. 6. The expenses and remuneration of persons appointed by the Bank, as referred to in clause 2 (a), and the expenses of the public announcements referred to in clause 2 (b), and in clause 5, must be borne by the money transaction office concerned.
Article 24 1. The President of the Bank will appoint officers within the Bank to monitor compliance with the provisions determined by or pursuant to this National Ordinance. These appointments will be published in the publication used for official announcements by the State. 2. Officers appointed as referred to in clause 1 have the following powers, solely insofar as it is reasonably necessary for them to perform their duties: a. to request any information; b. to expect access to all the accounts, any documents and other data carriers and to make copies of these or to briefly take them away for that purpose, in return for a written receipt; c. to submit items for inclusion and examination, to take such things temporarily away for that purpose against written receipts, and to take samples of items; d. to gain access to all locations, except for dwellings without the express consent of the occupant, accompanied by persons they have appointed; e. to examine vessels, stationary vehicles, and their loads. 3. Anyone is obliged to grant their cooperation with the officers appointed pursuant to clause 1, as required based on clause 2. 4. If necessary, access is gained to a location referred to in clause 2 (d), with the help of the police. 5. Entering dwellings or the part of vessels designed as living quarters without the express consent of the occupant is governed by Title X of Book 3 of the Code of Criminal Procedure, except for Article 155 clause 4, Article 156 clause 2, Article 157 clauses 2 and 3, Article 158, clause 1, last sentence, and Article 160, clause 1, on the understanding that the Procurator General grants authorization.
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Article 25
1.
2.
3.
For the purpose of the supervision referred to in Article 24, clause 1, the Bank can choose to be assisted, or it can delegate the supervision to an external expert or other experts to be appointed. The Bank can pass on part or all of the associated expenses to the money transaction office concerned. Article 24 applies accordingly. If the performance of the supervision referred to in Article 24 clause 1 or specific activities in the context of such supervision are outsourced by the Bank to an external expert or to another expert, those experts are obliged to report their findings directly to the Bank in writing, and to send a copy of their report to the money transaction office concerned after obtaining the Bank's consent. At the Bank's request, the money transaction office is obliged to appoint an accredited expert who will report directly to the Bank regarding the internal organization of the money transaction office.
Article 26 The Bank also has the power to grant foreign supervisory authorities responsible for monitoring money transaction offices access to money transaction offices based in this country that are under the consolidated control of named supervisors, in the context of the supervisory activities. In such cases, the Bank will impose conditions in advance or give instructions relating to the execution of these supervisory activities. Any officers from foreign authorities responsible for supervising money transaction offices are obliged to follow up the Bank's instructions rigorously.
Article 27 1. The people responsible for investigating crimes made punishable under or based on this National Ordinance, apart from the officers referred to in Article 184 of the Code of Criminal Procedure, are the Bank officers appointed in a National Decree. These appointments will be published in the publication used for official announcements by the State. 2. Regulations concerning the requirements to be met by officers appointed as referred to in clause 1 can be introduced in a National Decree establishing universally applicable measures.
Chapter 9 Order Subject to a Penalty and an Administrative Fine Article 28 An order subject to a penalty is defined as: a remedial sanction, which amounts to: a. an order to correct all or part of the breach; and b. an obligation to pay a pecuniary fine if the order is not carried out at all or not in time.
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- 18 Article 29
1. In the event any of the regulations stipulated by or pursuant to Article 2, clause 1, Article 7, Article 8, clause 6, last sentence, clauses 7 and 8, Article 9, clauses 3 and 4, Article 10, clause 2, last sentence, and clause 3, Article 12, clauses 1, 2, and 5, last sentence, Article 13, clauses 1, 2, and 3, Article 14, clause 1, Article 15, clause 4, Article 16, Article 18, clause 2, Article 20 clauses 3 and 4, Article 22, Article 23, clause 1, last sentence and clause 4 (a), Article 24, clause 3, and Article 25, clauses 2 and 3 are breached, the Bank can impose a penal fine. Article 1:127 of the Penal Code applies accordingly. 2. The order subject to a penalty can be imposed as soon as there is an apparent threat of an imminent breach. 3. The order subject to a penalty describes the remedial action to be taken. 4. When an order subject to a penalty is imposed, for the correction of a breach or the prevention of any further breach, a period is specified within which the offender can carry out the order without a penalty being forfeited. 5. A decision to impose an order subject to a penalty is made in writing and has the force of a penalty notice. 6. The Bank establishes the penalty either as a one-off payment, or as an amount per time unit in which the order has not been carried out, or per breach of the order. The amounts are in reasonable proportion to the severity of the interest that was violated and to the intended effect of the penalty. 7. The amount above which no penalty will be forfeited is stipulated in a National Decree establishing universally applicable measures.
Article 30 A forfeited penalty must be paid within six weeks after it becomes forfeited by application of law.
Article 31 1. If an order is imposed subject to a penalty, the Bank may grant the offender's request to repeal the order, to suspend the deadline for a specific period, or to reduce the penalty in the event that the offender is permanently or temporarily unable to meet his obligations in full or in part. 2. If an order subject to a penalty is imposed, the Bank can cancel the order at the offender's request, if the order has been in force for one year without the penalty being forfeited.
Article 32 In derogation of Article 60 clause 1, the power to enforce a forfeited penalty expires after one year from the date when it was forfeited.
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Article 33 No order subject to a penalty can be imposed insofar as there were grounds to justify the breach. Article 34 1. Before demanding payment of the penalty, the Bank will decide on whether to proceed with the collection. 2. Furthermore, the Bank will issue a decree on whether to collect the penalty, if an interested party requests it. 3. The Bank will reach a decision on the request within six weeks. Article 35 1. If a decree to revoke or amend an order subject to a penalty results in a previous decision to collect that penalty becoming untenable, that decision will become invalid. 2. The Bank can issue a new decision to reflect the amended order subject to a penalty.
Article 36
1. An objection, appeal, higher appeal, request for a suspension, or a temporary provision
against the order subject to a penalty also extends to a decree to collect the penal sum, insofar as the interested party disputes the decision concerned. 2. The Joint Court of Justice of Aruba, Curaรงao, Sint Maarten and of Bonaire, Sint Eustatius and Saba can decide to send the appeal petition to the Bank, pursuant to Article 54 of the National Ordinance on Administrative Justice 4, if handling by the Bank is desired. 3. Clause 2 applies accordingly to a request for any order to be suspended or reviewed.
Article 37 An administrative fine is defined as: the penalizing sanction amounting to an unconditional obligation to pay a pecuniary fine.
Article 38 1. In the event any of the regulations stipulated by or pursuant to Article 2, clause 1, Article 7, Article 8, clause 6, last sentence, clauses 7 and 8, Article 9, clauses 3 and 4, Article 10, clause 2, last sentence, and clause 3, Article 12, clauses 1, 2, and 5, last sentence, Article 13, clauses 1, 2, and 3, Article 14, clause 1, Article 15, clause 4, Article 16, Article 18, clause 2, Article 20 4
P.B. 2001, no. 79.
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clauses 3 and 4, Article 22, Article 23, clause 1, last sentence and clause 4 (a), Article 24, clause 3, and Article 25, clauses 2 and 3 are breached, the Bank can impose an administrative fine. Article 1:127 of the Penal Code applies accordingly. 2. The level and method for setting administrative fines for the various breaches are stipulated in a National Decree establishing universally applicable measures. 3. Before proceeding to impose a fine, the Bank must inform the party concerned in writing of its intention to impose a fine, stating the grounds on which its intention is based.
Article 39 No administrative fine will be imposed, if: a. the breach cannot be attributed to the offender; b. the offender has died; c. either an administrative fine or a notice as referred to in Article 45 clause 3 (a) has already been imposed on the offender for the same breach; or d. grounds exist to justify the breach.
Article 40 1. No administrative fine is imposed, if a criminal prosecution is instigated against the offender for the same breach, and if proceedings have already started in court, or if the right to instigate a criminal prosecution has lapsed pursuant to Article 1:149 of the Penal Code. 2. If the conduct also amounts to a criminal offense, it is submitted to the Public Prosecutor, unless it is laid down in law or has been agreed with the Public Prosecution Service that this is not required. 3. For behavior that must be submitted to the Public Prosecutor, the Bank only imposes an administrative fine, if: a. the Public Prosecutor has informed the Bank that he will refrain from prosecuting the offender; or b. the Bank does not receive a response from the Public Prosecutor within thirteen weeks.
Article 41 1. An administrative fine lapses if it is not irrevocable on the date the offender dies. An irrevocable administrative fine lapses insofar as it has not yet been paid at that time. 2. A previously imposed administrative fine lapses if the Joint Court of Justice of Aruba, Curaรงao, Sint Maarten and of Bonaire, Sint Eustatius and Saba orders the prosecution of the offender for the fact concerned, under application of Article 25 of the Penal Code. 3. The power to impose an administrative fine expires five years after the breach took place. 4. If an objection is raised or appeal is lodged against the administrative fine, the expiry term referred to in clause 3 is suspended until an irrevocable decision is made on the objection or appeal.
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Article 42 1. If the persons referred to in Article 24, clause 1, interview a specific natural person or legal person in the context of imposing an administrative fine, the latter is not obliged to make any statements on the breach. The person concerned will be notified before he is asked verbally for information. 2. If an appeal is lodged against an administrative fine, the party on which the fine was imposed is not obliged to make any statements on the breach.
Article 43 1. The Bank or the persons referred to in Article 24, clause 1, can compile a report of the breach. 2. The report will be dated and include in any case: a. the name of the offender; b. the breach, as well as the regulation breached; c. if necessary, an indication of the place where and the time or period when the breach was observed. 3. A copy of the report is sent to or handed to the offender at the latest by the time the decision to impose an administrative fine is published. 4. If an official report, as referred to in Article 186 of the Penal Code, is produced on the breach, it will replace the report for the application of this chapter.
Article 44 1. If requested, the Bank will give the offender an opportunity to consult and make copies of the facts on which the imposition of the administrative fine, or the intention to do so, is based. The Bank can decide to exempt certain documents from the shared information, in the interest of protecting privacy, or in the general interest for compelling reasons. 2. Insofar as it is considered to be reasonably required for the defense of the offender, the Bank will make every possible effort to communicate this information to the offender in a language he understands.
Article 45 1. The Bank can give the offender an opportunity to present his perspective in relation to the intention to impose an administrative fine. 2. At the time when the offender is given an opportunity to present his perspective in relation to the intention to impose an administrative fine: a. the report is already sent or issued to the offender, at the time of the invitation; b. the Bank arranges the assistance of an interpreter, if this is considered to be reasonably required for the defense of the offender.
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3. If the Bank decides after hearing the offender present his perspective: a. not to impose an administrative fine for the offense, or b. to submit the offense to the Public Prosecutor regardless, this is communicated to the offender in writing.
Article 46 1. A decision to impose an administrative fine indicates in any case: a. the offense for which the fine is imposed, as well as the regulation that was breached; b. the fine payable, as well as an explanation of the level of the fine; and c. the period referred to in Article 50 within which the fine must be paid. 2. At the request of an offender who does not understand the order, due to his poor knowledge of the official languages within the meaning of the National Ordinance on official languages, 5 the Bank will make every possible effort to communicate the content of the order to the party involved in a language he understands.
Article 47 The activities relating to the imposition of an order subject to a penalty or an administrative fine are carried out by people who were not involved in establishing the offense and the preceding investigation. Chapter 10 Pecuniary Debts and Limitation Period Article 48 This chapter applies to pecuniary debts arising from orders subject to a penalty and administrative fines.
Article 49 1. The obligation to pay a fine is laid down in a penalty notice. 2. The penalty notice will in any case include: a. the fine to be paid; and b. the period within which the payment must take place.
5
P.B. 2007, no. 20.
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Article 50 1. Except in the event that Article 30 applies, payment is made within six weeks from the penalty notice having been communicated in the prescribed manner, unless the penalty notice specifies a later date. 2. A different period for the payment can be stipulated by or pursuant to a National Decree.
Article 51 1. Payment is made to an office specified by the Bank or by crediting a bank account designated for the purpose by the Bank. 2. Payment is made in Netherlands Antilles guilders, unless specified otherwise by the Bank. 3. The payment takes place at the time when the payment is made in the office or when the Bank's account is credited. 4. The costs of the payment must be borne by the offender.
Article 52 1. The offender is in default if the payment is not made within the specified six-week period. 2. The default results in statutory interest becoming due, pursuant to Articles 119, clauses 1 and 2, and Article 120, clause 1 of Book 6 of the Civil Code. 3. The Bank determines the amount of statutory interest due in a penalty notice.
Article 53 1. The Bank will send a written demand for payment to the offender, requesting payment within two weeks, counted from the day after the demand for payment is sent. 2. The demand indicates that any payment not made in time can be collected through enforcement measures imposed at the expense of the offender. 3. The Bank can levy a charge for the demand for payment. The charge will be stated in the demand notice.
Article 54 1. The Bank can issue a payment order. 2. A payment order is enforceable, which means that it can be implemented with the help of provisions in the Code of Civil Procedure. 3. A payment order is only issued when the amount due is not settled in full within the notice period referred to in Article 53, clause 1.
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- 24 Article 55
1. The payment order can also include the costs of the written demand for payment, the statutory interest, and the costs of the payment order. 2. The payment order may relate to several payment obligations that the offender has toward the Bank. 3. Serving and executing a payment order is carried out at the expense of the party to which it is issued. 4. The costs are also due if the payment order was not executed, or not in full, because the amounts due were paid.
Article 56 1. The payment order will in any case include: a. the word 'payment order' in the header; b. the amount of the principal sum due; c. the penalty notice or statutory regulation that led to the pecuniary debt; d. the costs of the payment order; and e. that the payment order can be executed at the expense of the party to which it is issued. 2. The payment order will include, if applicable: a. the cost of the demand for payment; and b. the start date of the statutory interest.
Article 57 1. A payment order is communicated by serving a writ as referred to in the Code of Civil Procedure. 2. The writ will in any case include the Court office where any appeal against the payment order and its execution can be lodged, pursuant to Articles 438 and 438a of the Code of Civil Procedure.
Article 58 In relation to the enforcement order, the Bank has the same powers as creditors, based on private law. Article 59 1. It is possible to appeal against the payment order for six weeks from the date on which the writ is served, by issuing a summons against the Bank. 2. Any appeal suspends the execution of the order. The Court can revoke the suspension of the execution upon request from the public entity of Curaรงao.
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Article 60 1. Any court order to pay a pecuniary fine as referred to in Article 48 expires five years after the prescribed payment period has expired, except if it results from an order subject to a penalty. 2. After the limitation period has passed, the Bank can no longer exercise its powers to send demands for payment and to issue and enforce payment orders.
Article 61 1. The limitation period is interrupted by criminal proceedings pursuant to Article 316, clause 1 of Book 3 of the Civil Code. Article 316, clause 2 of Book 3 of the Civil Code applies accordingly. 2. An acknowledgment of the right to payment interrupts the limitation period of the legal claim against the party who acknowledges the right. 3. The Bank can also interrupt the limitation period through a demand for payment as referred to in Article 53, clause 1, or through proceedings to execute the payment order.
Article 62 1. If the limitation period is interrupted, a new limitation period begins to run from the start of the next day. 2. The new period will be equal to the original period, but not longer than five years. 3. However, when the limitation period is interrupted by a claim that is later awarded, Article 324 of Book 3 of the Civil Code applies accordingly.
Article 63 1. The limitation period of the legal order to pay the Bank will be extended by the delay the offender was granted after the payment period had started. 2. The first clause applies accordingly, if: a. the offender is granted a suspension of payments; b. the offender is going bankrupt; or c. the execution of a payment order is suspended as the result of ongoing legal proceedings, on the understanding that the term by which the limitation period is extended will start on the date when the legal proceedings were instigated through the serving of a summons.
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- 26 Chapter 11 The Publication of Breaches Article 64
1. In derogation of Article 18, clauses 1 and 2, the Bank can, in order to promote compliance with this National Ordinance, disclose to the public the offense for which an order subject to a penalty or administrative fine was issued, the regulation that was breached, as well as the name, address, and place of residence of the party on which the order subject to a penalty or the administrative fine was imposed. 2. The publication referred to in clause 1 occurs electronically on the Bank's website or in a different manner at the Bank's discretion.
Article 65 The party against which the Bank has taken action following which the party can reasonably conclude that the Bank will disclose his actions and omissions to the public pursuant to Article 64, is not obliged to make any statement on the subject. The party concerned will be informed before being asked verbally for information.
Article 66
1. If the Bank intends to disclose an offense to the public pursuant to Article 64, the Bank will inform the party concerned in writing, stating the grounds on which its intention is based. 2. The Bank can give the offender an opportunity to present his perspective in relation to the intention to publish the offenses referred to in Article 64. 3. The Bank is not obliged to give the party concerned an opportunity to put forward its own viewpoint, if no address is known for the party concerned and if the address cannot be obtained, despite using reasonable effort.
Article 67 The notice that information will be disclosed to the public pursuant to Article 64 will in any case include: a. the offense that will be disclosed; b. the manner in which the offense will be disclosed to the public; and c. the period after which the offense will be disclosed to the public.
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Article 68 Unless it cannot be postponed in the interest of promoting compliance with this National Ordinance, the effect of the notice to disclose an offense to the public pursuant to Article 64 is suspended until the period for objections or appeals has elapsed, or until a decision has been made on the objection or appeal, if any objection or appeal was made.
Article 69 The notice takes effect on the date when the offense is disclosed to the public without the effect being suspended pursuant to Article 68 if no address is known for the party concerned and if the address cannot be obtained using reasonable effort.
Article 70 1. The authority to disclose an offense to the public pursuant to Article 64 becomes invalid if a criminal prosecution is instigated in the case and if the Court case has started, or if the right to instigate criminal proceedings has expired pursuant to Article 1:149 of the Penal Code. 2. The right to instigate criminal proceedings relating to an offense referred to in Article 64 expires if the Bank has already disclosed the offense to the public.
Article 71 1. The authority to disclose an offense to the public pursuant to Article 64 expires one year after the date the offense took place. 2. The period referred to in clause 1 is interrupted by the publication of the notice that discloses the offense to the public.
Article 72 The activities relating to the public disclosure of an offense pursuant to Article 64 are carried out by people who were not involved in establishing the offense and the preceding investigation.
Article 73 The Minister of Finance and the Minister of Justice can jointly introduce regulations for the execution of the powers referred to in Chapters 9 and 11.
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- 28 Chapter 12 Penalty Provisions Article 74
1. Acting contrary to any regulation issued by or pursuant to Articles 2, clause 1, Article 7, Article 8, clause 6, last sentence, clauses 7 and 8, Article 9, clauses 3 and 4, Article 10, clauses 2 and 3, Article 12, clauses 1, 2, and 5, last sentence, Article 13, clauses 1, 2, and 3, Article 14, clause 1, Article 15, clause 4, Article 16, Article 18, clause 2, Article 20 clauses 3 and 4, Article 22, Article 23, clause 1, last sentence and clause 2 (a), and 4 (a), Article 24, clause 3, and Article 25, clauses 2 and 3 is punished with a custodial sentence of up to one year and a category five pecuniary fine, or with either of these sentences. 2. Acting in deliberate contravention of the regulations, referred to in clause 1 is punished with a custodial sentence of up to four years and a category six pecuniary fine, or with either of these sentences. 3. The actions made punishable in clause 1 are offenses and the actions made punishable in clause 2 are crimes.
Chapter 13 Obligations of the Bank Article 75 The Bank arranges the publication of the regulations referred to in Articles 9, clause 1, Article 10, clause 1, and Article 14 clause 2, including ensuring that the regulations are published in the Official Gazette and electronically on the website of the Bank, complete with the date of publication.
Article 76 1. The Bank will inform the Minister without delay of the universally binding regulations it has laid down. 2. If the Minister considers that any of the universally binding regulations laid down by the Bank are incompatible with the law, a treaty or a binding decree of an international organization, and the Bank has not eliminated the shortcoming found after consultation, the Minister will lay down regulations on the same subject in a ministerial decree, while simultaneously repealing the universally binding regulations issued by the Bank on the subject concerned.
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Article 77 Legislative measures taken by the Bank, which are incompatible with the law, can be suspended by the Governor, as leader of the Government, in a reasoned decree and abolished. The Council of Ministers will initiate the abolition.
Chapter 14 Amendment of Other Statutory Regulations
Article 78 The National Ordinance on a Framework for the Central Bank, the Monetary System and Foreign Exchange 6 are amended as follows: A. In Article 1, clause 1, 'Article 88/103 of the Constitution' is replaced by: Article 88, clause 1 of the Constitution. B. The following clause is added to Article 1: 5. The joint central bank, referred to in clause 1, is an independent administrative body as referred to in Article 111 of the Constitution. C. The following article is inserted after Article 1: Article 1a The regulations issued by the Bank of the Netherlands Antilles before the Constitution became effective, for the performance of the duties assigned to the Bank, are given the status of ordinance as referred to in Article 111, clause 3 of the Constitution, issued by the Bank, as referred to in Article 1, clause 1.
Article 79 The Central Bank Statute for Curaรงao and Sint Maarten 7 is amended as follows: The following section is added to clause 2 of Article 8, while the full stop in section (g) is changed to a semicolon: h. the money transaction offices.
6 7
A.B. 2010, no. 87 (Annex W) A.B. 2010, no. 101
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- 30 Chapter 15 Final Clauses and Transitional Provisions Article 80
1. The prohibition, referred to in Article 2, clause 1, will be not applicable to money transaction offices that are already active in that capacity and that are in possession of a foreign exchange license from the Bank, until three months after this National Ordinance becomes effective. 2. In relation to money transaction offices that have submitted an application to the Bank for a license within three months from the time this National Ordinance becomes effective, the prohibition in Article 2, clause 1, will not apply until the second day after the Bank has sent its decision on the application.
Article 81 This National Ordinance becomes effective at a date and time to be specified in a National Decree.
Article 82 This National Ordinance will be referred to as: National Ordinance on Money Transaction Offices.
Issued in Willemstad, the Netherlands, 25 September 2014 L.A. GEORGE-WOUT
The Minister of Finance, J.M.N. JARDIM
The Minister of Justice, N.G. NAVARRO
Published on 3 October 2014 The Minister of General Affairs, I.O.O. ASJES