Rendering trust services without a license is prohibited
Many international group structures include one or more Dutch Caribbean legal entities or partnerships. The main reasons for this are the internationally competitive conditions for business development in the area of corporate law, the tax system, and the well-developed professional financial services industry of the Netherlands Antilles. Trust [...]
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A digital signature has the same legal effect as a hand-written signature
The Ordinance on agreements concluded electronically (‘Landsverordening overeenkomsten langs elektronische weg’) became effective on 1 January 2001.
Trade, financial services and other commercial activities are being conducted electronically at a rapidly growing rate. The Netherlands Antilles was ahead of many countries in developing legislation for [...]
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Curacao considers how the US deals with compliance
Compliance is essentially about systems and procedures at corporations, banks, funds, trust offices, insurance companies and the like, to ensure that their officers and employees are aware of and take steps to comply with the relevant laws and regulations. It is also referred to as ‘regulatory compliance’. Compliance [...]
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The ultimate recourse against a person not paying his debts
The bankruptcy order can be applied for either by the debtor or by one or more of its creditors. If the debtor is a company then, pursuant to Article 2:8 par. 4 of the Civil Code, the managing directors do not have the authority to file [...]
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Citizens versus non-citizens
According to the Netherlands Antilles Ordinance on the Establishment of Businesses (‘Landsverordening betreffende vestiging van ondernemingen’, PB 1946 nr. 43) a license is required to establish a company (‘vestigingsvergunning’). A further license is required to operate one as an individual director if one is not a citizen of the Netherlands Antilles (‘directievergunning’).
According to [...]
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Filing MOT report no blanket protection
A provider of financial services, e.g. a bank, has the obligation under Section 11 of the MOT (National Ordinance Penalization Money Laundering) to report to the Financial Intelligence Unit (FIU), without delay, any unusual transaction made or proposed. Unusual transactions are described in the Ministerial Decree Indicators Unusual Transactions.
Suspected money-laundering [...]
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An overview
Important Netherlands Antilles anti-money-laundering regulations include the National Ordinance Penalization Money Laundering (‘Landsverordening Strafbaarstelling Witwassen van Geld’, ‘NOML’) which criminalizes money laundering, and the National Ordinance on the Reporting of Unusual Transactions (‘Landsverordening Melding Ongebruikelijke Transacties’, ‘MOT’). The latter requires anybody who offers financial services to report, without delay, any ‘unusual transactions’ to the [...]
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Dutch Caribbean as the jurisdiction of choice
There are millions of people around the world who can be called wealthy. Many of them want to protect their wealth, against political instability, for example. To do so they can choose among various jurisdictions.
The Netherlands Antilles (a.k.a. the Dutch Caribbean) is a jurisdiction of choice one should definitely [...]
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Interlocutory or summary proceedings provide for immediate relief
Article 110 of the Netherlands Antilles and Aruba Code of Civil Procedure (‘the Code’) provides that all adversarial proceedings shall be initiated by means of a petition to the court of first instance. Proceedings so initiated are ordinary proceedings a.k.a. proceedings on the merits.
A petitioner may opt for [...]
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It serves the whole Kingdom
The Kingdom of the Netherlands is comprised of three separate jurisdictions, the Netherlands (i.e.: the part of the Kingdom located in North Western Europe), the Netherlands Antilles and Aruba. The Netherlands Antilles and Aruba have their own code of civil procedure, which in certain respects is similar, but not identical to [...]
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