KRALENDIJK - The law to prevent money laundering and terrorist financing on Bonaire, Sint Eustatius and Saba (Wwft BES) has been tightened. A seminar was organized on Wednesday to explain the significance of the changes. Lieutenant Governor Rijna opened the day for a large group of stakeholders.

The Wwft BES is an important instrument for the prevention of money laundering and terrorist financing in the Caribbean Netherlands. In addition to money laundering and terrorist financing, the government also wants to use the law to prevent fraud, corruption, and other financial and economic crime.

The rules in the Wwft BES are important for traders in building materials, real estate entrepreneurs, car dealers or financial service providers, such as banks and life insurers. The law helps to prevent criminal funds from entering the financial system with the help of or via these parties or from financing terrorism.

In his opening speech, the Lieutenant Governor emphasized the importance of combating money laundering and terrorist financing. “Money laundering and terrorist financing pose a serious threat to a country's economy and can affect economic growth. The lack of an effective regime could have adverse effects on both domestic institutions and international trade,” said Rijna.

Representatives of the Dutch Central Bank, the Netherlands Authority for the Financial Markets, Wwft Supervision Bureau, the Financial Intelligence Unit of the Netherlands and a dean of the Bar Association of The Hague are on Bonaire this week to explain the tightened rules.