PHILIPSBURG--The public statement issued against St. Maarten by the Caribbean Financial Action Task Force (CFATF) in November for the country’s failure to comply with the international standards of the Financial Action Task Force seems to be affecting at least one local institution.
Postal Services St. Maarten (PSS) is currently unable to conduct international money transfer service with Curaçao and Aruba, as the two see the public statement as a “threat” because PSS does not have a compliance officer. PSS will be unable to resume its international transfer service until it hires a compliance officer.
Interim Prime Minister Silveria Jacobs brought the issue to light during the Council of Ministers press briefing on Wednesday.
Jacobs met with PSS head Marinka Gumbs and PSS representative Antonia Wilson during the past week to address the “current issues” facing PSS.
“After the discussions, and based on information received from the Central Bank [for Curaçao and St. Maarten – Ed.] and other banking officials, it was clear that the issues arising concerning international money transfer services no longer being provided by PSS was due to the absence of a compliance officer,” Jacobs said.
“Thus, the Postal Services St. Maarten was informed that once they have hired a compliance officer, they will then be able to continue with their international money transfer services.
“Curaçao and Aruba were looking at St. Maarten’s public statement as a so-called threat because the postal service does not have a compliance officer. No other banking services in St. Maarten have had any issues, because each bank in St. Maarten, according to St. Maarten regulations, has a compliance officer.”
PSS representatives expect to tackle the situation as soon as possible and follow up with Jacobs to ensure that international money transfer services resume at the post office, Jacobs said in a follow-up press release on Wednesday evening.
