WILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) has recently drawn up a new code, called the 'Corporate Governance Code for Financial Institutions & Service Providers'. This code was drawn up for the supervision of good governance.
The code contains seven parts, which have everything to do with the structure and organization of the bank. For example, all supervisory functions must have clear roles and responsibilities, and this must also be checked often. Most of the measures have been taken to prevent fraud and corruption, but measures for lower risk, better results and consumer rights have also been looked at.
According to the CBCS, the division between tasks must be clear and a lot of supervision is required to prevent fraud as much as possible. When the division is not clear, financial crimes such as money laundering are lurking.
Stakeholders had the opportunity to comment on the draft code at the end of last year. The CBCS has included the feedback and adjusted the concept where necessary and will continue to discuss this with the sector in the coming months.