CIFA Topic: Central Bank of Curaçao and St. Maarten (CBCS)

Curaçao International Financial Services Association (CIFA) represents over 100 businesses in the international financial services sector in Curaçao. Collectively, CIFA has more than 80 years of knowledge and experience in the area of international financial services. CIFA’s vision is to make Curaçao the jurisdiction of choice for investors in this region through its international financial services. In order to achieve this goal, we believe it is crucial for the island to maintain its reputation as a stable and reliable jurisdiction by having a system in place that fosters compliance with international rules and regulations as well as a reliable system that enforces these rules and regulations. The Central Bank of Curaçao and St. Maarten (CBCS) is the main regulatory body of the financial sector and as such plays an important role in achieving the aforementioned goal. It is thus imperative for the CBCS to maintain its reputation as a transparent and strong regulatory body. The news of the resignation of the president of the CBCS, Mr. Traa, within a year of his appointment raises concern among our members, as it may create a perceived instability in the jurisdiction. Instability, whether perceived or real, will diminish the reputation of Curaçao and slowdown the momentum we have been experiencing as a jurisdiction since we have received the largely compliant status from The Organisation for Economic Co-operation and Development (OECD), and we continue to remain off the European Union blacklist. These are important institutions and qualifications that are necessary for maintaining the trust from the investors in our jurisdiction. Especially taking into account the current challenges with de-risking by correspondent banks.

CIFA, as the representative body of the international financial services sector, on behalf of our members, urges the relevant players to commit in reaching stability and continuity in order to come to a favorable outcome for our country’s economy. Furthermore, we hope that the CBCS promptly finds new, strong candidates with recognized and relevant international experience and expertise to fill the vacancy. In accordance with our role as an advisory body, CIFA is willing to assist with this process through sharing of our expertise if needed. We are convinced that together with all the partners in the industry, we can regain stability and continue to attract international investors to our island.