Sint Maarten

Sanctions

No

FATF AML Deficient List

No but subject to CFATF statement regarding deficiencies

Higher Risk

Compliance with FATF 40 + 9 Recommendations
US Dept of State Money Laundering assessment 
Offshore Finance Centre

Medium Risk

Weakness in Government Legislation to combat Money Laundering

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ANTI-MONEY LAUNDERING

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: -

The CFATF recognizes the progress made by Sint Maarten to date in addressing the deficiencies identified in its Mutual Evaluation Report. However, the CFATF is concerned by Sint Maarten's failure to address remaining deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime after the High-Level Mission that visited the country on August 24th, 2018 and the Plenary's requirement to overcome such deficiencies by February 2019, which has not been achieved as verified at the CFATF May and November 2019 Plenary meetings.

The CFATF urges Sint Maarten to immediately address its AML/CFT deficiencies including bringing the necessary outstanding legislation into force and effect. In the event of failure to act on this requirement, the CFATF may call its member jurisdiction to apply countermeasures on the country as set out in the procedures for the third stage of Enhanced Follow-Up, which entails the application of Rec. 21 of the FATF Standards of 2003, in order to protect their financial systems from the ongoing ML and TF risks emanating from Sint Maarten.

The CFATF Plenary will review if additional progress has been made by Sint Maarten.

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Sint Maarten was undertaken by the Financial Action Task Force (FATF) in 2013. According to that Evaluation, Sint Maarten was deemed Compliant for 6 and Largely Compliant for 10 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 5 of the 6 Core Recommendations.

US Department of State Money Laundering assessment (INCSR)

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

OVERVIEW

 

Sint Maarten is an autonomous entity within the Kingdom of the Netherlands (Kingdom).  The Kingdom retains responsibility for foreign policy and defense, including entering into international conventions, with approval of the local parliament.  Sint Maarten has been recognized by the OECD as a jurisdiction that has implemented internationally-agreed tax standards.  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 Sint Maarten. 
 
On November 27, 2019, the CFATF issued a public statement asking its members to consider the risks arising from the deficiencies in Sint Maarten’s AML/CFT regime.  The statement followed CFATF’s acknowledgement that Sint Maarten had not made sufficient progress to fulfill its action plan to address AML deficiencies, including legislative reforms.   

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             N/A

ECONOMY

The economy of Sint Maarten centres around tourism with nearly four-fifths of the labour force engaged in this sector. Nearly 1.8 million visitors came to the island by cruise ship and roughly 500,000 visitors arrived through Princess Juliana International Airport in 2013. Cruise ships and yachts also call on Sint Maarten's numerous ports and harbours. Limited agriculture and local fishing means that almost all food must be imported. Energy resources and manufactured goods are also imported. Sint Maarten had the highest per capita income among the five islands that formerly comprised the Netherlands Antilles.

 

Agriculture - products:

Sugar

 

Industries:

tourism, light industry

 

Exports - commodities:

sugar

 

Country Links
Reporting Center for Unusual Transactions (MOT Sint Maarten)​
Central Bank of Curaçao and Sint Maarten
Other Useful Links
FATF
US State Department
Transparency International
World Bank
CIA World Factbook

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