CURRENT NATIONAL RISK ASSESSMENT PROCESS TO CONCLUDE DECEMBER 2023

“Money Laundering and terrorism financing present global threats. In the context of Sint Maarten’s position as a small international business and tourism destination with first class electronic funds transfer and which also uses the Euro and the United States dollar, we cannot exclude ourselves from the responsibility of preventing as far as possible, the use of our jurisdiction by criminals,” according to the National Coordinator of Sint Maarten’s National Risk Assessment (NRA).

“The continued integrity and stability of our economy and financial system should provide strong support for our growth as a nation. The converse, being infiltration by the criminal fraternity, could seriously damage these. This is a responsibility the Sint Maarten Government takes particularly seriously.

“Recommendation 1 of the Financial Action Task Force, the global standard setting body against Money Laundering and Terrorism Financing, indicates that every country should identify, assess, and understand these risks for its economy, its system, and its government framework.

only economic development, but also social development and as such, the Government of St. Maarten is honored to have partnered with A & A Accounting to implement such an important program for our MSMEs,” the cabinet statement said.

The training is set to target a broad array of sectors which are critical to the blue, green, and orange economies of St. Maarten. ■

“Based on a process of assessment, further indicated as a National Risk Assessment, and abbreviated as NRA, countries should apply a risk-based approach to ensure that measures to prevent or mitigate money laundering and terrorist financing are introduced commensurate with the risks identified,” the National Coordinator of the NRA said.

“The NRA is performed at national level and the development of this assessment and plan of action is intended to cover approximately one year and a half, ending approximately December 2023 with a final report. The results of this assessment are thus intended to assist Sint Maarten in creating a more robust framework against money laundering and terrorism financing.

“A finalized National Risk Assessment will reflect the commitment by the Government of Sint Maarten to uphold the highest international standards in protecting this jurisdiction against criminal abuse. However, this NRA is not a one-time event: It is anticipated that this developed NRA in the future will need to be updated at least every fouryears as to be able to adapt and follow through on new and emerging trends of crimes.

“A sound financial sector, a sound investment climate, and a safe Sint Maarten are of paramount importance. Sint Maarten welcomes honest entrepreneurs, investors, financial institutions, and clients. Sint Maarten however as such will not take part, actively nor passively, in concealing the source of criminal funds or in facilitating cash flows for terrorist purposes.

“Central to the compilation of this NRA will be a methodological joint participatory process that will enable Sint Maarten to identify the main drivers of ML/TF risks. This process will be guided by a methodology (tool) developed by the World Bank (WB). An introductory workshop informing on the use of this WB tool was presented to the Sint Maarten main stakeholders in June 2022.

“Besides government entities, financial institutions and other businesses will be invited to actively participate in this process and in the near future will be requested by representatives of the “Centrale Bank van Curaçao en Sint Maarten” (CBCS), and the Financial Intelligence Unit (FIU), to participate in interviews, focus groups, or fill out questionnaires which will be useful in finalizing this NRA.