WILLEMSTAD - The Financial Intelligence Unit (FIU) of Curaçao has reported a significant increase in the number of reports of suspicious unusual financial transactions, a trend that has been visible in recent years.
According to the annual reports covering the period 2020-2022, presented to the Ministers of Finance and Justice, the number of reports forwarded to the Public Prosecutor's Office (OM) has increased.
In 2022, the FIU recorded almost 91,000 reports, a substantial increase compared to just over 76,000 reports in 2021 and a sharp rise from the over 40,000 reports in 2019. This growth is mainly coming from the banking sector, money transfer offices, and the (online and land-based) gambling sector, with the latter showing a remarkable peak in 2020.
"When we look at the figures from 2019 to 2022, we see that the number of reports has more than doubled. This indicates increased vigilance within the financial sector, especially among banks and online gambling companies," said the FIU in a statement.
The FIU distinguishes between objective and subjective reports, with the latter based on the suspicion that a transaction may be related to money laundering or terrorist financing. While the number of subjective reports remained historically low, the FIU emphasizes the importance of these reports in the detection process.
Gambling Industry
Another sector under scrutiny is the online gambling industry, identified as particularly vulnerable to money laundering practices. The FIU notes that, despite the increase in reports of unusual transactions, the number of reporting entities within this sector remains relatively low. This suggests an area for improvement in the registration and reporting willingness of online gambling companies.
In the lead-up to Curaçao's evaluation by the Financial Action Task Force (FATF) in 2024, the FIU emphasizes the importance of continuous development and collaboration among all stakeholders to ensure the integrity of the financial system.
"It is essential that we step up our efforts, particularly in the areas of technology, ICT, data exchange, and collaboration, to effectively combat money laundering and terrorist financing," states the FIU.