Kingdom of the Netherlands-Curaçao and Sint Maarten: Central Bank Transparency Code Review

This paper presents a detailed review report of an IMF Central Bank Transparency Code (CBT) Review mission to Curaçao and Sint Maarten. The Centrale Bank van Curaçao en Sint Maarten (CBCS) is advancing a modernization agenda in which transparency plays a central role. While current practices demonstrate a relatively high level of transparency across key areas, important gaps remain. Strengthening the institutional communications framework would enable more proactive, clear, and targeted engagement with stakeholders. Transparency in interactions with the public sector is limited, with minimal disclosure on formal engagements with other public bodies. Additional clarity is also needed regarding the Bank’s governance structure and legal underpinnings. Stakeholders would benefit from more detailed communication on foreign exchange administration policies, including their rationale and outcomes. Furthermore, enhancing disclosure around internal controls and supervisory processes, particularly in anti-money laundering and combating the financing of terrorism, would reinforce accountability, build public trust, and align CBCS more closely with evolving international transparency standards.