WILLEMSTAD – As the Caribbean guilder (XCG) prepares to replace the Netherlands Antillean guilder (ANG) on March 31, 2025, the Central Bank of Curaçao and Sint Maarten (CBCS) has announced stringent measures to ensure a smooth transition while combating potential financial crimes. The CBCS has warned that it will immediately report any suspicious activity to the Financial Intelligence Unit (FIU) and the Public Prosecutor’s Office (OM) during the currency exchange process.
Zero Tolerance for Financial Crimes
In a recent announcement, the CBCS emphasized its commitment to adhering to international Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Financial Crimes Prevention (FCP) regulations. The bank stated that it will take custody of any funds suspected of being linked to criminal activity and will cooperate fully with law enforcement agencies to investigate and prosecute offenders.
“The CBCS will not tolerate any illegal activities during the currency exchange process,” the announcement read. “Any indication of a criminal offense will result in immediate action, including reporting to the FIU and OM.”
Currency Exchange Procedures
The CBCS has outlined specific procedures for individuals and businesses to exchange their ANG for the new Caribbean guilder (XCG). Account holders at commercial banks are required to exchange their ANG through their respective banks during the one-year transition period, from March 31, 2025, to March 31, 2026. After this period, exchanges will only be possible at the CBCS, with a final deadline set for March 31, 2055.
“Commercial banks will primarily encourage deposits into bank accounts,” the CBCS noted, urging the public to plan accordingly.
Special Provisions for Unbanked Individuals and Damaged Currency
For individuals without bank accounts and those seeking to exchange damaged banknotes or coins, the CBCS will offer a one-time, walk-in service for amounts up to 2,500 ANG starting March 31, 2025. However, exchanges exceeding this amount will require a more rigorous process.
Individuals and businesses exchanging amounts over 2,500 ANG must schedule an appointment online and complete a “Source of Funds” (SOF) form in advance. The CBCS will announce the website for online submissions at a later date.
Ensuring Transparency and Accountability
The CBCS will conduct thorough reviews of all submitted documents to ensure compliance with AML/CFT/CFP regulations. This careful scrutiny aims to prevent money laundering, terrorism financing, and other financial crimes during the transition to the new currency.
Public Urged to Prepare for Transition
With the introduction of the Caribbean guilder just over a year away, the CBCS is urging the public to familiarize themselves with the new procedures and deadlines. The bank has assured residents that it will provide ongoing updates and support to facilitate a seamless transition.
“We are committed to ensuring a smooth and secure introduction of the Caribbean guilder,” the CBCS stated. “The cooperation of the public and financial institutions is essential to the success of this historic transition.”