PHILIPSBURG:--- The Sint Maarten Police Force (KPSM) has successfully apprehended two individuals involved in an ATM skimming operation on the island. The suspects, both Bulgarian nationals identified by their initials N.Z.V and G.N.S, were caught installing skimming devices on an ATM machine.
In the early hours of Thursday, March 27, 2025, the Police Central Dispatch received a report of two male individuals placing skimming instruments on an ATM located on L.B. Scott Road. Additional information indicated that the suspects were driving a small white vehicle and heading toward A.J.C. Brouwers Road.
Multiple police patrols were immediately dispatched to the area, where officers successfully intercepted the vehicle in question. Upon searching the vehicle, officers discovered several instruments commonly used for skimming activities. The suspects were promptly arrested and transported to the Philipsburg Police Station for further investigation.
During interrogation, it was revealed that one of the suspects had previously been arrested and convicted in Sint Maarten for a similar offense. He had been banned from the island but managed to return via the French side.
A subsequent search of the suspect's rented residence, conducted in cooperation with the French authorities, led to the discovery and confiscation of a large quantity of skimming cards and additional skimming equipment.
Both suspects remain in police custody as the investigation continues. The Sint Maarten Police Force urges financial institutions and the general public to remain vigilant and report any suspicious activity related to ATM usage.
Safety Tips for ATM Users
To minimize the risk of falling victim to ATM fraud, the Sint Maarten Police Force advises the public to follow these safety precautions:

• Inspect the ATM: Check for any unusual devices attached to the card slot or keypad before using an ATM.
• Cover the Keypad: Always shield the keypad when entering your PIN to prevent hidden cameras from capturing your information.
• Use Secure ATMs: Preferably use ATMs located inside banks or well-lit, high-traffic areas.
• Monitor Your Accounts: Regularly check your bank statements for any unauthorized transactions.
• Be Aware of Your Surroundings: If you notice suspicious individuals near an ATM, do not proceed with your transaction and report the situation to the authorities.
• Report Suspicious Activity: If you suspect that an ATM has been tampered with, notify the bank and the police immediately.

KPSM Press Release.

WILLEMSTAD/PHILIPSBURG:--- Sint Maarten and Curaçao are undergoing a historic transition: the introduction of the Caribbean guilder. With this change, the current Netherlands Antillean guilder will be replaced by the Caribbean guilder. While this development marks a significant milestone for the financial landscape of Sint Maarten and Curaçao, this transition also brings considerable financial (crime) risks. The Centrale Bank van Curaçao en Sint Maarten (CBCS and the Financial Intelligence Unit Sint Maarten (FIU) emphasize the importance of vigilance and cooperation to prevent misuse during this transition period.
Transition periods from an old currency to a new one can be vulnerable to money laundering and financial crime. It is important that all service providers under the supervision of CBCS and FIU are aware of the risks of misuse of this opportunity. Service providers are advised to further strengthen their AML/CFT/CFP framework. This means closely monitoring clients’ transaction patterns. The introduction of the Caribbean guilder may present certain risks and challenges, including:
- Suspicious deposits: depositing cash without a clear source or purpose;
- Fraud in currency exchange: converting illegally obtained funds in the old currency into the new currency, creating the appearance that the old currency was legally obtained;
- Purchasing luxury goods with cash: such as real estate, jewelry, and vehicles;
- Buying casino chips with illegally obtained old currency and exchanging them for new currency after minimal or no play.
Criminals aim to go unnoticed and remain anonymous. Service providers must therefore be on the alert and, considering various money laundering techniques, implement appropriate preventive measures tailored to their business operations (products, services, client base, distribution channels).
It is crucial that supervised institutions remain vigilant and report unusual transactions to the FIU in a timely manner to protect the integrity of the financial system and ensure a smooth transition to the Caribbean guilder.

~Body Cam Rollout to Begin on Bonaire, with Statia and Saba to Follow~

Oranjestad, St. Eustatius:--- The Caribbean Netherlands Police Force (KPCN) recently delivered a presentation to the Statia Government on the use of camera surveillance as a tool to support enforcement and improve public safety across the island.

The meeting was attended by Island Governor Alida Francis, Commissioner of Infrastructure Reuben Merkman, Island Secretary Malvern Dijkshoorn, members of the Governor’s Cabinet Rient Hassel and Naomi Roberts, and KPCN representatives Mr. Melvin Sint Jago, Chief Inspector and Head of the Information and Expertise Department; Mr. Andre de Graaf, Intelligence Specialist with the Intelligence Unit; and Mr. Robelto Hodge, Chief of Basic Police Service St. Eustatius.

During the presentation, KPCN outlined its plan for the introduction of body-worn cameras (body cams) for law enforcement in the Caribbean Netherlands. The rollout will begin on Bonaire, with St. Eustatius and Saba to follow in the next stages.

As part of the session, KPCN shared the results of a recent pilot in Bonaire where cameras were used during two major events: Día di Rincon and the Bonaire Regatta. The pilot was deemed a success, with noticeable improvements in enforcement efficiency and overall public safety during these large-scale events.

Island Governor Alida Francis welcomed the presentation and the broader vision being pursued, stating:
“In the interest of public order and mainly security and safety, it is important to introduce camera surveillance on St. Eustatius. Camera surveillance is an important instrument to support enforcement by the local government. A proposed ordinance is currently being worked on that will require the support of the Island Council.”

The Statia Government will continue working closely with KPCN to support the responsible introduction of enforcement tools that contribute to a safer, more secure community.

WILLEMSTAD/PHILIPSBURG – Curaçao and Sint Maarten have demonstrated resilience by recording a stronger recovery from the pandemic than initially anticipated. The countries maintained steady economic growth throughout 2024 and this momentum is expected to continue into 2025. However, significant global uncertainties, structural vulnerabilities, and ongoing fiscal pressures pose risks to the medium-term outlook. “To safeguard economic stability and promote sustainable and inclusive growth, both governments must prioritize critical public reforms, particularly in healthcare and social security, and bolster resilience to external shocks”, recommended President of the Centrale Bank van Curaçao and Sint Maarten, Richard Doornbosch, in the CBCS’ March 2025 Economic Bulletin.

Maintaining growth momentum in 2025
According to the Bank’s latest estimates, growth in the monetary union gathered pace in 2024, with real GDP growth rising to 5.5% in Curaçao while moderating slightly to 3.5% in 2024 in Sint Maarten. “The 2024 growth estimates for both countries are based on developments observed during the first three quarters of the year, driven by strong performances in tourism and construction. The latter was supported by increased private investment as well as public investment, particularly in infrastructure projects”, explained Doornbosch.
Looking ahead, growth is set to continue across the monetary union in 2025, albeit at a slower pace. “The Bank projects that real GDP will grow by 3.2% in Curaçao supported by steady private consumption and the continuation of ongoing and planned private and public investments. Meanwhile, Sint Maarten’s economy is expected to expand by 2.6%, driven by new significant private investment initiatives in the utilities sector and harbor infrastructure and strengthened private consumption resulting from lower inflationary pressures and higher wages of public servants”, he added.

Global uncertainties continue to shape the economic outlook
However, the CBCS president warned that the economic outlook remains exposed to substantial risks stemming from global and domestic developments, that are tilted to the downside. The likelihood of global risks materializing has intensified as the major changes in economic and trade policies by the U.S. administration could result in negative spillover effects for both the global economy and the monetary union. Such protectionist trade policies could provoke retaliatory actions from key trading partners, potentially escalating into a global trade war. This scenario may disrupt supply chains and cause sharp increases in international commodity prices, further fueling inflationary pressures in Curaçao and Sint Maarten.

In addition, the increased uncertainty surrounding the pace of monetary policy easing by major central banks, particularly the U.S. Federal reserve (Fed) and the possible expansion of sanctions on Venezuela by the U.S. administration pose further downside risks to the economic, financial, and social developments of the monetary union. By contrast, a potential de-escalation of geopolitical tensions in Eastern Europe, particularly due to ceasefire talks between the U.S., Russia, and Ukraine, could lead to a decline in global energy and commodity prices, lowering inflationary pressures in Curaçao and Sint Maarten.
In addition to global risks, Curaçao and Sint Maarten are exposed to domestic risks including climate change-related extreme weather events, delays in the execution of structural reforms and public investment programs, and increased concerns on the medium-term financial sustainability of the health care and social insurance systems of Curaçao and Sint Maarten.

Securing a sustainable growth path amid current challenges
According to Doornbosch, heightened global risks combined with domestic challenges such as the sustainability of public finances, underscore the need for targeted policy measures to tackle the vulnerability of small and open economies like Curaçao and Sint Maarten. “To reduce risks from tariffs and potential trade conflicts, businesses in Curaçao and Sint Maarten should diversify supply chains away from reliance on the U.S. market. The governments of Curaçao and Sint Maarten can support this by strengthening trade relations with alternative partners through, for example, collaborative advocacy with CARICOM. Furthermore, promoting local production in agriculture, renewable energy, and manufacturing could reduce external dependencies and contribute positively to both employment and growth”, recommended Doornbosch.
“To support a more sustainable and inclusive growth path, the governments of both countries must implement a comprehensive policy agenda that addresses labor market vulnerabilities, reduces red tape and the cost of doing business, and enhances labor productivity. One key action should be to diversify the economies of both countries by adding additional sectors, while continuing to strengthen and innovate within the tourism industry. In addition, a critical prerequisite for ensuring long-term debt sustainability in both Curaçao and Sint Maarten is the timely implementation of reforms in the health care and social security systems”, he added.
Lastly, prudent debt management and adherence to balanced-budget rules mandated by financial supervision frameworks will help build the necessary buffers to absorb external shocks. “By carefully implementing these recommendations, the monetary union can effectively navigate current challenges and secure a sustainable path for public finances and inclusive economic growth”, he concluded.
The complete text of the March 2025 Economic Bulletin is available on the CBCS website at
www.centralbank.cw/publications/economic-bulletins/2025.

Willemstad March 28, 2025
CENTRALE BANK VAN CURACAO EN SINT MAARTEN