WILLEMSTAD - The letter from the Curaçao International Financial Services Association (Cifa), the Curaçao International Financial Center (CIFC), the Chamber of Commerce and the Business Association (VBC) to the government about the situation in the Central Bank of Curaçao and St. Maarten (CBCS) also contains references to positive developments. “The international financial sector of Curaçao is pleased that important and concrete steps forward have been taken in 2019. Steps that are essential for our economy and a healthy financial sector for Curaçao in the future.”
They continue saying that they are thinking of the adjustments made to the National Profit Tax Ordinance, which has become competitive and at the same time bears the approval of the EU Code of Conduct Group. “We also understand that the OECD Forum on Harmful Tax Practice is positive about the changes.”
“We also welcome the efforts made in recent years to ensure that Curaçao has achieved the status of ‘Largely Compliant’ according to the standards of the OECD regarding transparency and exchange of information. These results achieved are very important for Curaçao and, in particular, for the financial sector.”
According to the interest groups, the results threaten to become nothing due to the national and, more importantly, the international reputation damage suffered by the Central Bank of Curaçao and Sint Maarten (CBCS) as a result of developments in recent years.
In their letter, CIFA, CIFC, Chamber of Commerce and VBC clarify their concerns regarding the current functioning and reputation of the CBCS, which has a prominent role in the supervision of the financial sector and serves as a beacon of the solidity and integrity of the financial sector'.
In view of the functions that the Central Bank performs, it is “essential, according to the signatories, that the CBCS as an institution take an independent, authoritative, expert and objective position”. “And with this objective position, there must always be undisputed behavior and the highest standards of integrity, stability and solidity.”