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Wednesday’s discussion in the Central Committee of Parliament on a law amendment to, among other things, raise the threshold for transporting cash in and out of St. Maarten from NAf. 20,000 to NAf. 25,000 was interesting. The change can be considered a rule relaxation in the sense that the maximum allowed is being increased by 25 per cent.
However, it will also count for bringing in valuables worth more than that amount like jewellery and other luxury items. While understanding this may be a justified requirement for combatting money-laundering and the financing of terrorism, several members of both the opposition and coalition parties expressed concern about the impact on the island’s vulnerable tourism economy of such global developments.
They reasoned that St. Maarten has many well-off visitors with expensive stuff. The names of Michael Jordan, Denzel Washington and Roman Abramovich were mentioned, along with Bulgari watches and caviar.
The elected representatives do have a point where it regards small countries often paying a relatively high price for worldwide efforts to crack down on cross-border crime. Another example of that is the loss of US corresponding banks.
The International Bankers Association (IBA) in Curaçao is worried because the local operational bank accounts of its members are now being closed as well, supposedly on instruction of foreign shareholders in Dutch Caribbean commercial banks. They met with the Central Bank of Curaçao and St. Maarten (CBCS), which promised to seek a solution in cooperation with stakeholders.
Sometimes these consequences cannot be avoided altogether, but it’s important to recognise and act on them in a timely, adequate manner, to at least soften the blow and ease the pain where possible.
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Wednesday’s discussion in the Central Committee of Parliament on a law amendment to, among other things, raise the threshold for transporting cash in and out of St. Maarten from NAf. 20,000 to NAf. 25,000 was interesting. The change can be considered a rule relaxation in the sense that the maximum allowed is being increased by 25 per cent.
However, it will also count for bringing in valuables worth more than that amount like jewellery and other luxury items. While understanding this may be a justified requirement for combatting money-laundering and the financing of terrorism, several members of both the opposition and coalition parties expressed concern about the impact on the island’s vulnerable tourism economy of such global developments.
They reasoned that St. Maarten has many well-off visitors with expensive stuff. The names of Michael Jordan, Denzel Washington and Roman Abramovich were mentioned, along with Bulgari watches and caviar.
The elected representatives do have a point where it regards small countries often paying a relatively high price for worldwide efforts to crack down on cross-border crime. Another example of that is the loss of US corresponding banks.
The International Bankers Association (IBA) in Curaçao is worried because the local operational bank accounts of its members are now being closed as well, supposedly on instruction of foreign shareholders in Dutch Caribbean commercial banks. They met with the Central Bank of Curaçao and St. Maarten (CBCS), which promised to seek a solution in cooperation with stakeholders.
Sometimes these consequences cannot be avoided altogether, but it’s important to recognise and act on them in a timely, adequate manner, to at least soften the blow and ease the pain where possible.
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