Key players of the financial sector in Curaçao are working closely with the government and the public sector in order to ensure further progress in our compliance to OECD standards with regard to the exchange of fiscal information and other transparency rules.
While the Curaçao legal and regulatory environment is compliant with FATCA, FATF, CRS, OECD and other standards, there is still work to be done by companies on the practical and operational application. Supervisory institutions are also further improving their monitoring of adherence of financial & tax sector companies operating on the island.
Together with the Curaçao International Financial Services Association, the International Financial Group, and Association for Tax Advisors, a next step has been taken together with the Central Bank and Government Accounting Bureau to commence applying sanctions to companies that are not compliant in their regular operations.
Especially trust companies that do not fully adhere with the rules and regulations in place will face significant fines, or ultimately could (temporarily) lose their operating license.
The financial sector provides 3.000 – 5.000 jobs on the island and is a very important economic pillar. Being compliant to the many treaties signed and agreements made by Curaçao, is essential for remaining a viable international financial player.
The OECD has just completed a mission to Curaçao in the month of May, and the Phase 2 – OECD peer-review results for Curaçao are expected in November 2017.