Money laundering is prohibited

Title XXXI of the Penal Code of Curaçao basically prohibits any type of money laundering.

The National Ordinance on the Reporting of Unusual Transactions (NORUT) obliges service providers acting in the course of a business or profession, to report unusual transactions.

The National Ordinance on Identification of clients when Rendering Services (NOIS) requires any service provider who is acting in the course of a profession or business, to establish the identity of a customer before providing any “financial” service.

Generally, these Ordinances apply when services are conducted in or from Curaçao. If a foreign financial institution does not solicit prospective customers and does not provide financial services from a physical location in Curaçao, arguably such institution is not providing services in or from Curaçao and the aforementioned regulations would not be applicable.

Karel Frielink
Attorney (Lawyer) / Partner

(20 September 2013)

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