More resources needed
for functioning of MOT
PHILIPSBURG--The Reporting Station for Unusual Transactions MOT is doing its work in St. Maarten, but would be able to do much more with added resources, said Finance Commissioner Sarah Wescot-Williams. She reacted during Wednesday’s Executive Council meeting on the expansion of the tasks of MOT.
The MOT legislation will shortly be also applicable for accountants, administration offices, notaries, lawyers, car dealers, insurance companies and brokers, tax advisors, hardware dealers, jewellers and realties. The MOT will be in charge of supervising all the new entities that are compelled to report unusual financial transactions. This is stated in advertisements published these days in newspapers in Curaçao.
The anti money laundering act was introduced in the Netherlands Antilles in 1997 entailing, amongst other things, the federal ordinance MOT. Currently banks, life insurance companies and brokers, trust offices, casinos, credit unions, credit card companies, money remitters and customs fall under the MOT legislation.
A presentation for the new group of entities that will fall under the MOT law is scheduled to take place in the auditorium of the Central Bank in Curaçao on March 14 and 15. The MOT will also shortly organise presentations in Bonaire and St. Maarten.
Wescot-Williams said that some weeks ago the Executive Council was briefed by persons of the MOT as to their work and scope of work. In terms of the official notification of the expansion of their tasks, the Executive Council was not informed.
“The briefing took place with the view towards country St. Maarten, things we would need to have or need to put in place as it pertains to the MOT activities,” the Commissioner said.
Wescot-Williams pointed out that internationally a lot of focus is placed on the work and the workings of the MOT. For St. Maarten, in terms of its credibility as a country, those items will be important as well, Wescot-Williams said.
St Maarten vacation rental
