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Aruba is situated in the Caribbean Sea, north of Venezuela. Formerly forming part of the Netherlands Antilles it became constitutionally autonomous in 1986 and is relatively new to the offshore status. Banking, licensing, insurance and holding companies are the main offshore sectors. Tourism also plays a paramount part in the economy of Aruba. It has a well-developed financial and professional infrastructure. Renowned for its strict anti-money laundering laws, Aruba is establishing itself at a fast rate as an international financial service centre.