Press release

SER provides urgent advice for the implementation UBO register in Curaçao


Willemstad, March 21, 2024 – At the request of Finance Minister Mr. Drs. Javier Silvania, the Social and Economic Council (SER) of Curaçao yesterday issued an urgent advice on the draft of the national decree for implementing the UBO register in Curaçao. This register, crucial in the fight against financial and economic crime, aims to increase transparency by identifying and registering Ultimate Beneficial Owners (UBOs) of legal entities and similar entities on the island.

The advisory stems from a Council of Ministers decision last month, prompted partly by the upcoming review of the Caribbean Financial Action Task Force (CFATF) this June. The timing of this advisory is critical, given the urgent international requirements and the need for improved due diligence procedures in Curaçao.

The proposal focuses on facilitating competent authorities, such as the Public Prosecutor’s Office, the Central Bank of Curaçao and Sint Maarten (CBCS), the Curaçao Financial Intelligence Unit (FIU), and the Inspector of Taxes, to investigate money laundering and terrorist financing more effectively. The UBO Registry promises to lay a foundation for a safer and more transparent business environment, with a balanced approach to openness and privacy protection. The Chamber of Commerce and Industry (CoC) will be designated to manage the register, due to its existing infrastructure and expertise with the trade register.

The implementation of the UBO register is driven by both national legal obligations and the urgent need to comply with FATF recommendations. The FATF, a leading intergovernmental organization in the fight against money laundering and terrorist financing, requires its member states, including the Kingdom of the Netherlands, to strictly adhere to its standards.

Curaçao, as a member of the CFATF, is committed to implementing these international standards. Regular reviews by the CFATF ensure the effectiveness and efficiency of the implemented system, where non-compliance can have significant consequences for national jurisdictions.