WILLEMSTAD – The Curaçao government is proposing stricter sanctions rules aimed at preventing the financing of terrorism and restricting business dealings with sanctioned countries, including Russia, Belarus, Iran and Libya.
The proposed measures come in response to recommendations from international watchdogs, which concluded that Curaçao is not yet effectively implementing global standards to combat money laundering, terrorism financing and the financing of weapons of mass destruction.
Under the proposed legislation, banks, trust offices, traders and other businesses would be required to strengthen their due diligence procedures to ensure that money, goods and services do not reach sanctioned countries, organizations or individuals.
The amendments would also update sanctions related to Russia's war in Ukraine while introducing stricter restrictions on trade with Belarus and revising existing measures concerning Iran and Libya.
The government says the changes are intended to bring Curaçao's sanctions framework in line with international standards and strengthen the island's financial system against abuse.