The new guidance document from the Dutch Authority for the Financial Markets (AFM) provides further explanation on the requirements set out in the Wwft BES for serviceproviders in Bonaire, St. Eustatius and Saba. Service providers are also offered practical guidance in the form of specific examples.
The prevention of money laundering and financing of terrorism is a priority for the (AFM). The Anti-Money Laundering and Combating Terrorism Financing Act BES (Wet ter voorkoming van witwassen en financieren van terrorisme BES, or ‘Wwft BES’) includes regulation with which service providers in the Dutch Caribbean must comply. The requirements under the Wwft BES are important in preventing the financial system on Bonaire, St. Eustatius and Saba (the BES Islands) from being used for money laundering and the financing of terrorism. The service providers on the BES Islands have a gatekeeping role in this respect. The AFM’s guidance document provides clarification of the content of the Wwft BES where needed.
The service providers on the BES Islands that are subject to the AFM's Wwft BES supervision are service providers acting as life insurance brokers, operating as investment companies or providing certain investment services (such as portfolio management). The Wwft BES inspections conducted by the AFM so far show there is a need for further guidance in the market with respect to this legislation.
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