FATF AML Deficiency List
US Dept of State Money Laundering assessment
Offshore Finance Center
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.
Aruba is not considered a regional financial center. Because of its location, Aruba is a transshipment point for drugs and gold from South America bound for the United States and Europe, and for currency flowing in the opposite direction.
Aruba is an autonomous entity within the Kingdom of the Netherlands (Kingdom). The Kingdom retains responsibility for foreign policy and defense, including signing international conventions with the approval of the local parliament. The law enforcement MOU between the Kingdom and the United States for joint training activities and sharing of information in the area of criminal investigation, law enforcement, and interdicting money laundering operations remains active and includes Aruba.
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.
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 85
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.
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