Financial sanctions regulations

Sanctions State Ordinance 2006

Sanctions are political instruments in the foreign and security policy of the United Nations (UN). They are mandatory instruments, used in response to breaches of international laws and human rights, or to effect change when legal or democratic principles are not being adhered to. Sanctions also play a role in the fight against terrorism. On the basis of the Sanctions State Ordinance 2006 UN sanctions can be incorporated into Aruban legislation.

Sanctions Decrees

The Sanction Decree Combat Terrorism and Financing Terrorism requires the freezing of all funds and other assets of persons and organizations mentioned on the lists kept by the United Nations regarding Al Qaeda and the Taliban, as well as on the Domestic list (last updated September 27, 2016).
The domestic list, which has been established by Ministerial Decision dated November 20, 2013 consists of individuals, legal persons and other entities to which Council Regulation (EU) No. 2580/2001 of the European Union applies.
Sanctions State Decree Libya 2011 requires all funds or other assets present in Aruba that belong directly or indirectly to, are owned by, are in possession of or are under the control of a natural person, legal entity or other entity, mentioned in Annex II of the UN Security Council Resolution 1970 (2011) respectively Annex II of the UN Security Council Resolution 1973 (2011), are frozen.

Obligations for financial institutions

Financial institutions must take adequate measures to ensure that they are always kept abreast of the contents of the above-mentioned freezing lists and all changes in these lists and to otherwise ensure that they comply with the requirements and prohibitions set in sanctions regulations in a timely and adequate manner. In the event that new sanctions regulations are issued or changes occur in the freezing lists, financial institutions must ascertain whether the entities mentioned in the regulations or on the lists (designated entity) form part of their customer base. If so, the Reporting Center Unusual Transactions (Meldpunt Ongebruikelijke Transacties) (MOT) and the CBA must be informed immediately. The same applies to each request for the rendering of a service in which a designated entity acts as the other party or is involved in another way. For notifications to the CBA the prescribed reporting form must be used.

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