section_path: Economy/Financial services
section_name: Financial services
paragraph_text: Financial services
  
  Curaçao's history in financial services dates back to World War I. Prior to this period, the financial arms of local merchant houses functioned as informal lenders to the community. However, at the turn of the 20th century, Curaçao underwent industrialization, and a number of merchant houses established private commercial banks. As the economy grew, these banks began assuming additional functions eventually becoming full-fledged financial institutions.
  
  The Dutch Caribbean Securities Exchange is located in the capital of Willemstad, as is the Central Bank of Curaçao and Sint Maarten; the latter of which dates to 1828. It is the oldest central bank in the Western Hemisphere. The island's legal system supports a variety of corporate structures and is a corporate haven. Though Curaçao is considered a tax haven, it adheres to the EU Code of Conduct against harmful tax practices. It holds a qualified intermediary status from the United States Internal Revenue Service. It is an accepted jurisdiction of the OECD and Caribbean Financial Action Task Force on Money Laundering. The country enforces Anti- Money Laundering and Counter-Terrorism funding compliance.