St. Martin News Network - Corporate Governance Council Questions Appointment of Central Bank Supervisory Board Director --- Says there is a Conflict of Interest.

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Philipsburg:--- The Corporate Governance council has expedited a letter to the Council of Ministers requesting information on the appointment of Rudolf Baetsen of Alantis Casino as the director of the Supervisory Board of the Central Bank. The council in their letter raised strong objections to the appointment saying there is a conflict of interest which could promote money laundering.
The letter was addressed to the COM; specifically to the Prime Minister of St. Maarten Sarah Wescot Williams saying that the council wants to know if the appointment was made solely on behalf of Curacao or if St. Maarten is also in agreement with the appointment.
The COM was also referred to the study conducted by the OECD's FATF regarding the scope and opportunity of money laundering and that St. Maarten should begin to take heed.
The council further advises the COM that if St. Maarten supported the appointment then an immediate retraction must be done and that government should distance themselves from such an appointment. The council further asked that more information be provided on the transfer of shares belonging to St. Maarten from the Central Bank.
They said while they do not have the pertinent information on the transfer and St. Maarten's shares but it is done then it becomes a government owned company and would fall under the scrutiny of the council.

Click here to view Draft Copy of the Letter.

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