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 in 2022. According to that Evaluation, Aruba was deemed Compliant for 18 and Largely Compliant for 15 of the FATF 40 Recommendations. It was deemed Highly effective for 0 and Substantially Effective for 6 of the Effectiveness & Technical Compliance ratings.

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 between North and South America, Aruba is a transshipment point for drugs and gold from South America bound for the United States and Europe, and for currency flowing in both directions.  Aruba is a country within the Kingdom of the Netherlands (the Kingdom).  The Kingdom retains responsibility for foreign policy and defense, including negotiating and concluding international conventions in those areas.  There is a law enforcement memorandum of understanding (MOU) between the four Kingdom countries and the United States for joint training activities and sharing of information.  The Dutch-based legal system is effective in the detection and prosecution of money laundering suspects.

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.

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                           N/A

World Governance Indicator – Control of Corruption              78

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