Central Committee wraps up cross-border transfers sitting | THE DAILY HERALD

PHILIPSBURG–The discussions in the Central Committee of Parliament on the draft law amending the national ordinance on the obligation to notify cross-border money transfers in response to Financial Action Task Force recommendations 32 and 33 wrapped up on Thursday morning. The law now heads to a plenary sitting for approval.

  The brief session, which was the continuation of a meeting that started in January, saw Justice Minister Cornelius de Weever deliver answers to questions posed by Members of Parliament in the earlier part of the meeting.

  The amendment seeks to bring the country up to date with international regulations and to prevent it becoming labelled by the Financial Action Task Force as a high-risk territory to do business with.

  A law amendment aims to increase the threshold for cash coming into and leaving St. Maarten to NAf. 25,000, up from the current amount of NAf. 20,000. The change aims to put the country in compliance with international regulations to combat money-laundering and the financing of terrorist activities.

  The amendment not only covers money transfer, it also includes a clause to cover the cross-border transport of big-ticket items such as jewellery, cars and other luxury items.

Source: The Daily Herald https://www.thedailyherald.sx/islands/85634-central-committee-wraps-up-cross-border-transfers-sitting