MOT St. Maarten is up and running

March 05, 2010 6:05 AM

COLE BAY -- Unusual Transactions Reporting Department MOT St. Maarten officially opened for business in Puerta del Sol on Thursday morning. The opening was preceded by an information session for new reporting entities such as jewellery stores, notaries, lawyers and others Wednesday evening.

MOT Head Kenneth Dambruck said the session had been very productive, because the office had been busy most of the day fielding calls from attendees who were eager to learn more about their new obligation under the laws.

Non-financial entities such as jewellery stores and real estate agents were not required until recently to report to MOT about monies they received for services that seemed to be suspicious. That responsibility was only for entities in the financial sector such as the banks and money transfer companies.

However, the National Ordinance Reporting of Unusual Transactions (O.G. 1996, no. 21) was amended last year, making it mandatory for any unusual transaction to be reported for analysis by MOT. Specific emphasis has been placed on money laundering and financing of terrorism.

St. Maarten never had a reporting office. In the build-up to country status, the unit, a branch of the Netherlands Antilles MOT, was established here. When country status is achieved, the department will be turned over to the St. Maarten Government. Responsibility for MOT currently falls within the portfolio of the Minister of Finance.

The St. Maarten department is headed by MOT senior legal counsel and in-house financial expert Tita Peterson-Phelipa. She is on loan from the MOT main office in Curaçao. Dambruck will visit the island regularly to help with the continued establishment of the office.

(Source: St. Maarten Newspaper The Daily Herald'

5 March 2010