Curacao provides a favorable climate for hedge funds Curacao, part of the Netherlands Antilles, currently provides a favorable tax, legal and regulatory climate for hedge funds. A fund vehicle can be established quickly and flexibly. Additionally, the current regulatory regime for the supervision of investment institutions and administrators and the anti-money laundering rules provide comfort… Continue reading DUTCH CARIBBEAN HEDGE FUNDS
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DUTCH CARIBBEAN BUSINESS LICENSES
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’).… Continue reading DUTCH CARIBBEAN BUSINESS LICENSES
DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (II)
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.… Continue reading DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (II)
DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (I)
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… Continue reading DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (I)
ORDINARY VERSUS SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN
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… Continue reading ORDINARY VERSUS SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN
THE SUPREME COURT OF THE KINGDOM OF THE NETHERLANDS IN CIVIL PROCEEDINGS
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… Continue reading THE SUPREME COURT OF THE KINGDOM OF THE NETHERLANDS IN CIVIL PROCEEDINGS
STANDARDS OF DUE PROCESS IN THE NETHERLANDS ANTILLES AND ARUBA
The Supreme Court applies strict standards The European Convention for the Protection of Human Rights and Fundamental Freedoms (‘EVRM’), including Article 6, which safeguards the right of due process, applies to the standards of due process applicable in the Netherlands Antilles and Aruba. Article 6, first sentence, EVRM, reads as follows: “In the determination of… Continue reading STANDARDS OF DUE PROCESS IN THE NETHERLANDS ANTILLES AND ARUBA
RESOLUTION OF PROBLEMS IN OR OUTSIDE THE COURT?
Arbitration A party can initiate legal proceedings in a court of law to solve a legal dispute. Alternatively, the parties may opt to appoint one or more persons (arbitrators) to decide on the dispute and by whose decision they both agree to be bound. Why would one opt for binding dispute resolution (arbitration) over regular… Continue reading RESOLUTION OF PROBLEMS IN OR OUTSIDE THE COURT?
INSIDER TRADING IN THE DUTCH CARIBBEAN
A criminal offense The Netherlands Antilles Ordinance on the Supervision of Stock Exchanges 1998 (‘Landsverordening toezicht effectenbeurzen 1988’) contains a prohibition on insider trading. Any person who is in possession of inside information is prohibited from carrying out a transaction or being instrumental in a transaction in securities in a company listed on a Netherlands… Continue reading INSIDER TRADING IN THE DUTCH CARIBBEAN