WILLEMSTAD – The government of Curaçao has approved a new progress report on its efforts to combat money laundering and terrorist financing, taking another step in an ongoing international evaluation process.
The Council of Ministers agreed to submit the so-called Progress Report National Strategy Curaçao to the Caribbean Financial Action Task Force (CFATF), as part of the island’s first follow-up assessment.
The decision formalizes an earlier resolution taken on March 24 and reflects Curaçao’s obligation to demonstrate improvements in its financial oversight system following previous criticism.
The report was prepared by the national committee responsible for tackling money laundering, terrorist financing, and the financing of weapons of mass destruction. It forms part of the CFATF’s First Follow-Up Report, which evaluates whether countries have implemented concrete reforms after an initial assessment.
That earlier evaluation placed Curaçao under increased scrutiny, highlighting weaknesses not so much in legislation, but in implementation. While laws and regulations are largely in place, concerns were raised about enforcement, coordination between institutions, and the effectiveness of risk analysis.
By submitting the progress report, the government aims to show that steps have been taken to address these shortcomings. However, the Council of Ministers did not disclose specific measures or reforms included in the report.
The final judgment now rests with the CFATF, which will assess whether Curaçao’s efforts meet international standards.
The outcome of this evaluation is considered critical for Curaçao’s position as a financial center. Insufficient progress could lead to increased international pressure and potential consequences for the financial sector, while a positive assessment could help restore confidence among global partners and investors.