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Through the years, however, it has become evident that money laundering and terrorism financing have a devastating effect on a country’s economy. More in particular, both prey on the integrity of the financial sector. Such criminal activities also have a corrosive and corrupting effect on society as a whole.
Therefore, Maduro & Curiel’s Bank N.V. has established an extensive program that assists in sustaining a secure financial system in the Dutch Caribbean. In addition, this program is also intended to protect the Bank’s customers from the negative effects of the Bank being used as a vehicle for money laundering and terrorism financing.
In this brochure we outline the basic elements of anti-money laundering and terrorism financing laws the Bank has to comply with in order to conduct business in the Dutch Caribbean. The implementation of those laws, however, is a joint undertaking of the client and the Bank. We would therefore appreciate your cooperation and understanding in assisting us in the protection of our institution and jurisdiction against unlawful acts like the conversion and use of illicit proceeds coming from money laundering and terrorism financing activities.
Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”).
Terrorism financing is an activity that provides financial support to terrorist groups and/or activities.
In Curaçao, the National Ordinance Identification when Rendering Services (NOIS) and the National Ordinance Reporting of Unusual Transaction (NORUT) to report unusual transactions to the Financial Intelligence Unit (FIU) formerly known as ‘Meldpunt Ongebruikelijke Transacties’ (MOT) Curaçao, are the most important tools in the fight against money laundering and terrorism financing.
The NOIS dictates that prior to rendering a (financial) service the identity of a (potential) customer must be established and verified.