Aruba Issues Anti-Money Laundering Regulations

On December 28, 1993, the Government of Aruba issued anti-money laundering regulations under the State Ordinance containing regulations concerning the penalization of the laundering of money, securities, and claims (SOPL). The preamble states that the regulations are issued in order to implement the 1988 UN Vienna Anti-Drug Convention, the European Laundering Convention of 1990, and the recommendations of both the G-7 Economic Summit Financial Action Task Force (1989) and the Caribbean Financial Action Task Force (1990). The Ordinance criminalizes money laundering and provides as penalties imprisonment not exceeding 12 years and/or a fine not exceeding Afls. 1,000,000.00. Aruba is one of the first Caribbean jurisdictions to criminalize and provide severe punishment for non-drug-related money laundering?[more]