Aruba

Sanctions

No

FATF AML Deficient List

No

Higher Risk

Offshore Finance Centre
US Dept of State Money Laundering assessment

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ANTI-MONEY LAUNDERING

 

FATF Status

Aruba is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

 

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Aruba was undertaken by the Financial Action Task Force (FATF) in 2009. According to that Evaluation, Aruba was deemed Compliant for 2 and Largely Compliant for 7 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 4 of the 6 Core Recommendations.

 

US Department of State Money Laundering assessment (INCSR)

Aruba is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.

Overview

 

Aruba is not considered a regional financial center.  Because of its location, Aruba is a transshipment point for drugs from South America bound for the United States and Europe, and for currency flowing in the opposite direction.

Aruba is an autonomous country within the Kingdom of the Netherlands (Kingdom).  The Kingdom retains responsibility for foreign policy and defense, including signing international conventions.  In 2016, Aruba, Sint Maarten, the Netherlands, and Curacao signed an MOU with the United States for joint training activities and sharing of information in the area of criminal investigation and law enforcement.  One priority area is interdicting money laundering operations.  The MOU activities are ongoing.

EU Commission Tax Blacklist

On May 17, 2019, the EU Council confirmed that Aruba had been removed from the EU Tax Blacklist and moved to the 'grey' list of jurisdictions being monitored by the EU.

SANCTIONS

There are no international sanctions currently in force against this country.

 

BRIBERY & CORRUPTION

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                           N/A

World Governance Indicator – Control of Corruption              88

 

ECONOMY

Tourism, petroleum bunkering, hospitality, and financial and business services are the mainstays of the small open Aruban economy.

Tourist arrivals have rebounded strongly following a dip after the 2008 global financial crisis. Tourism now accounts for a majority of economic activity. Over 1 million tourists per year visit Aruba, with the large majority of those from the US. The rapid growth of the tourism sector has resulted in a substantial expansion of other activities. Construction continues to boom with hotel capacity five times the 1985 level.

Aruba is heavily dependent on imports and is making efforts to expand exports to achieve a more desirable trade balance. Almost all consumer and capital goods are imported, with the US, the Netherlands, and Panama being the major suppliers.

Aruba weathered two major shocks in recent years: fallout from the global financial crisis, which had its largest impact on tourism, and the closure of its oil refinery in 2009. However, tourism and related industries have continued to grow, and the Aruban government is working to attract more diverse industries. Aruba's banking sector withstood the recession well, and unemployment has significantly decreased.

 

Country Links

 

Central Bank of Aruba
Reporting Center for Unusual Transactions (MOT-Aruba)
Registers - Aruba | Chamber of Commerce
Other Useful Links
FATF
US State Department
Transparency International
World Bank
CIA World Factbook

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