PHILIPSBURG:--- Government has submitted three draft National Ordinances to Parliament for approval, that if not passed can place St. Maarten on the list of high-risk or non-cooperative jurisdiction. Those laws awaiting approval are as follows:
1. The National Ordinance to amend the National Ordinance obligation to report cross-border money transfers;
2. The National Ordinance to combat money laundering and terrorism financing;
3. The National Ordinance Meldpunt Ongebruikelijke Transacties;
The fact that Sint Maarten is not in compliance with the 40 Financial Action Task Force (FATF) recommendations may lead to a public statement that can be issued by the Caribbean
To read more: http://www.smn-news.com/st-maarten-st-martin-news/31583-laws-submitted-by-financial-intelligence-unit-compliance-is-important.html
