• Trust Industry Explained
• Managing the Clients interests
• Government Supervision

Government Supervision

In the wake of intensified international regulation aimed against money laundering, terrorism and fraud, the trust industry has come under intensified supervision by authorities, in the case of the Netherlands Antilles by the Central Bank of The Netherlands Antilles. The relevant legislation (which can be found at www.centralbank.an) went into effect on 1 January 2004. Apart from preventing misuse of structures, fraud, money laundering etc, the supervision is also aimed at securing competent conduct and qualified management by the trust companies.

The new supervisory regulations prescribe strict compliance rules and mandatory audits of compliance policy and performance of each trust company on an annual basis.

The clients of trust companies can only benefit from the intensified supervision. The business conduct of the trust companies is under strict control which should generally lead to better quality of services rendered. Also, the government supervision helps to keep ill-intended clients away from the services provided by the trust companies.