NEWSFLASH: St. Maarten remains under financial supervision

POSTED: 10/2/15 12:48 PM

THE HAGUE – The Kingdom Council of Ministers decided on Friday that St. Maarten remains under financial supervision. In 2018, the kingdom will take a new decision about this matter.

St. Maarten accepted financial supervision as a condition for obtaining its status as an autonomous country in the kingdom. The law financial supervision went into effect on 10-10-10.

An evaluation committee that was established in April, analyzed the country’s progress in the field of financial management and concluded that it did not meet the requirements of the law financial supervision fully in 2012, 2013 and 2014.

The committee advised to keep financial supervision in place. Minister Ronald Plasterk (Kingdom Relations) accepted the advice and made the proposal to the Kingdom Council of Ministers. This council found no grounds to diverge from the advice of the evaluation committee.

Based on the law, financial supervision is extended for a period of three years. Curacao also remains under financial supervision.

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