St Maarten Country Summary

FATF Status

Sint Maarten is not on the FATF List of Countries that have been identified as having strategic AML deficiencies however, in November 2019, the CFATF made the following Public Statement on Sint Maarten: -

In December 2020, the CFATF LI Plenary recognised that Sint Maarten has made significant progress in addressing the deficiencies identified in its 2013 Mutual Evaluation Report; therefore, Sint Maarten has exited the 3rd Round Follow-Up Process.

Sint Maarten’s 12th Follow-Up Report, which was presented at the November-December 2020 Virtual Plenary contains a detailed description and analysis of the actions taken by Sint Maarten to rectify the deficiencies identified in respect of the Core and Key Recommendations rated PC or NC, as was well as a summary of progress in other recommendations that received low ratings in the 2013 Mutual Evaluation Report.

The CFATF encourages Sint Maarten to continue its progress towards strengthening its AML/CFT framework and ensuring that it is fully prepared for the 4th Round of Mutual Evaluations.

Compliance with FATF Recommendations

It should be noted that the new style FATF Mutual Evaluation has not yet been undertaken.

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Sint Maarten was undertaken in 2016. According to that Evaluation, Sint Maarten was deemed Compliant for 7 and Largely Compliant for 9 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 5 of the 6 Core Recommendations.

Sint Maarten's economy is predominantly driven by tourism, which employs about 80% of the workforce and plays a crucial role in the GDP. Despite facing challenges from hurricanes and the COVID-19 pandemic, the island maintains a balanced trade scenario with exports estimated at $1.504 billion and imports at $1.489 billion in 2023, while enjoying a high-income classification with a real GDP per capita of approximately $44,900.

The investment climate in Sint Maarten is shaped by its tourism-driven economy, offering opportunities particularly in hospitality and related sectors. However, investor caution persists due to the lingering effects of Hurricane Irma and the potential for future natural disasters impacting infrastructure and tourism. The government's establishment of a multilateral trust fund and the absence of property taxation further enhance the attractiveness for foreign investors.