WILLEMSTAD – Curaçao and Sint Maarten currently do not maintain their own national sanctions lists, even though financial institutions in both countries are required to comply with applicable international sanctions and report relevant matches.
The Central Bank of Curaçao and Sint Maarten (CBCS) confirmed the absence of national sanctions lists in a new document explaining how international and targeted financial sanctions are communicated and enforced within the financial sector.
Instead, much of the sanctions framework applicable to the two countries is based on international measures, particularly those adopted by the United Nations and European Union.
In Curaçao, UN sanctions are implemented through the National Sanctions Ordinance and the Omnibus Sanction Decree Curaçao. According to the CBCS, the legislation provides for UN sanctions to apply directly on the island.
EU sanctions are implemented through the Kingdom Sanctions Law.
Sint Maarten uses its National Sanction Ordinance and National Sanction Decree to implement UN and EU measures. The CBCS is responsible for supervising compliance with the relevant sanctions legislation in both countries.
The absence of separate Curaçao and Sint Maarten sanctions lists does not mean financial institutions only need to consider UN and EU measures.
The CBCS also monitors the possible effect of targeted financial sanctions imposed by foreign jurisdictions on supervised businesses under its Policy Rule for Sound Business Operations.
If a bank or another supervised institution determines that one of its relationships matches a person or organization targeted by sanctions imposed in another jurisdiction, that match must be reported to the CBCS using a separate reporting form.
Information concerning foreign sanctions can reach the CBCS through Curaçao’s Ministry of General Affairs, specifically the Directorate of Foreign Relations. The central bank says it subsequently communicates relevant information to supervised institutions through its secure communication system within 24 hours.
The CBCS also receives monthly sanctions alerts from De Nederlandsche Bank covering UN, EU and Dutch sanctions changes and publishes adapted alerts for Curaçao and Sint Maarten in Dutch and English.
The central bank emphasizes that supervised institutions have their own responsibility to remain informed. They must continuously monitor international and national sanctions developments and determine whether sanctions apply to their customers, participants, investments or other business relationships.
When a sanctions match is confirmed, institutions must act without delay, including freezing applicable assets and preventing prohibited funds or financial services from being made available.