The amendment entailed the introduction of the mandatory registration with the Chamber of Commerce and Industry of the beneficial owner(s) of an enterprise, legal entity, or trust.
The Minister of Economic Affairs, Communications and Sustainable Development, Mr. Geoffrey B. Wever, answered the questions of the various groups of Parliament and addressed their concerns regarding, among others, privacy aspects of the UBO concerning the need to introduce the UBO register. He noted that the Advisory Board's recommendations regarding the protection of the privacy of the UBO were largely incorporated into the draft presented to the States last March.
A beneficial owner or UBO is the natural person who ultimately owns or controls a company, legal entity, or trust. Financial authorities, under the recommendations of the international organization Financial Action Task Force (FATF), to combat and prevent money laundering and terrorist financing and proliferation, must have accurate and up-to-date UBO information at all times. The introduction of the approved amendments will provide the intended transparency.
"Our modern world and complex issues, such as combating and preventing money laundering and terrorist and proliferation financing, required modern and quickly adaptable legislation. Aruba is now largely compliant with the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards thanks to the strict enforcement policies of the Central Bank of Aruba. This course should be maintained," said Minister Wever.
The adopted amendments will take effect as of January 1, 2023.