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Reducing administrative burden aND speeding up granting of licenses

Willemstad/Philipsburg The Centrale Bank van Curaao en Sint Maarten (CBCS) will introduce a revised foreign exchange regulation on October 1, 2024. The revised regulation will reduce the administrative burden of the licensing process aND speed up the granting of foreign exchange licenses. The CBCS has calculated that the reforms will reduce the number of foreign exchange licenses to be granted on an annual basis by about 50% without compromising an effective control of the foreign exchange reserves, stated executive director, Dr. Jos Jardim.

The foreign exchange regulation is a practical elaboration of the Foreign Exchange Transactions Regulation for Curaao aND Sint Maarten (Regeling Deviezenverkeer Curaao en Sint Maarten), inclUDing instructions for foreign exchange banks regarding foreign exchange transactions, an overview of capital transactions that require a license, publications of general licenses aND exemptions, aND regulations aND guidelines for the reporting of foreign exchange transactions by the foreign exchange banks to the CBCS.

The main reforms are:

increase of the transaction limit from which a foreign exchange license is required from SPArty/23/national-alliance'>NAf.150,000 to SPArty/23/national-alliance'>NAf.500,000; elimiSPArty/23/national-alliance'>NAtion of the foreign exchange license for exceeding an annual limit of SPArty/23/national-alliance'>NAf.250,000 for transfers to an own foreign bank account by SPArty/23/national-alliance'>NAtural persons (replaced by a license requirement for transfers of SPArty/23/national-alliance'>NAf 500,000 or more); elimiSPArty/23/national-alliance'>NAtion of the foreign exchange license for SPArty/23/national-alliance'>NAf-loans exteNDed by foreign exchange banks to non-residents; elimiSPArty/23/national-alliance'>NAtion of the foreign exchange license for exceeding a balance of SPArty/23/national-alliance'>NAf.250,000 on non resident SPArty/23/national-alliance'>NAf-accounts with foreign exchange banks (replaced by a license requirement for transfers abroad of SPArty/23/national-alliance'>NAf 500,000 or more); aND a general foreign exchange license to residents to provide guarantees aND securities to non resident creditors (for eventual payments abroad resulting from these guarantees aND securities, a foreign exchange license is required for transaction amounts of SPArty/23/national-alliance'>NAf.500,000 or more).

As of October 1, 2024, all applications for a foreign exchange license must be sent to the CBCS through the intermediation of a foreign exchange bank. This will guarantee adequate assistance of customers with transactions that require a foreign exchange license, safeguard the integrity of foreign exchange transactions, aND facilitate the introduction of an online application for foreign exchange license requests.

As part of the reforms, foreign exchange banks will soon be able to submit foreign exchange license requests through the reporting web portal of the CBCS. Until then, the current foreign exchange license request forms can be downloaded from the CBCS website.

The Foreign Exchange Regulation 2024 can be downloaded from the CBCS website through https://www.centralbank.cw/legislation-guidelines/foreign-exchange-regulations.

The post CBCS reforms foreign exchange regulation appeared first on 721news.com | Sint Maarten News | SXM News.

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