This is especially important for Aruba and the Netherlands, as we are both small, open economies. Given our economies’ international exposure, we both have a key interest in a well-functioning, sound international financial system. Because the main Dutch financial institutions have become global players, shocks may come from many sources. This has made supervision more complex.
Aruba’s position as an Offshore Financial Center (OFC) has also implications for its supervision policy, given the increased international attention for OFCs. In the past years, the international community has become more demanding towards OFCs. Of course, this is related to the fight against money laundering, tax competition and, most urgently, terrorist financing.