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Aruba: Law of Offshore

Table of Statutes

This page was last updated on 25 Feb 2019.

Aruban law is very similar to the law of the Netherlands Antilles, from which it separated in 1986. In turn, both jurisdictions draw their law from Holland, and where there is not specific local legislation, Dutch law will apply.

This is a non-exhaustive list of the main Aruban statutes affecting offshore and non-resident business. The statutes are listed in alphabetical order – click on the statute for a fuller description of the statute, the legal regime it forms part of, or in some cases the text of the law.

Central Bank Ordinance 1985
Commercial Code of Aruba
 
National Ordinance on Penalization of Money Laundering 1996

National Ordinance on Profit Tax

New Fiscal Regime 2002 
State Ordinance on Foreign Exchange Transactions
 
State Ordinance on Supervision of the Credit System 1998

The Aruban government has issued several decrees on money laundering that include increased oversight of casinos and insurance companies. In October 2009, the Financial Action Task Force (FATF) issued an unfavourable Mutual Evaluation Report, which cited an incomplete and incoherent AML/CFT framework. To improve the situation, the government created an AML/CFT strategy group, presided over by Aruba’s Prime Minister.

With the assistance of an external consultant, a plan of action to remedy the identified deficiencies in the AML/CFT framework was drafted. The State Ordinance on the Prevention and Combating of Money Laundering and Terrorist Financing (AB 2011 No. 28) Ordinance contains, inter alia, customer due diligence, reporting and record keeping requirements, directed at financial service providers, and non-financial service providers. It also contains provision for reporting requirements for cross-border currency movements in excess of Afl25,000 (US$14,00).

 

 

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