Financial Crime World

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Annual Review of FIU-the Netherlands for 2022

Global Developments

The Financial Action Task Force (FAST) continues to work on strengthening global cooperation and awareness of money laundering and terrorist financing issues. This includes a partnership with FIU-the Netherlands, which contributes to the advisory board and shares expertise at international meetings.

  • The partnership aims to enhance global cooperation and awareness of money laundering and terrorist financing issues.
  • A number of FIUs, including the Netherlands, have joined forces to strengthen their cooperation on sanctions against Russian and Belarusian entities and individuals.

European Developments

The European Commission’s Anti-Money Laundering (AML) package has been further assessed and advised upon by EU member states. The proposal for a regulation establishing a European Anti-Money Laundering Authority (AMLA) aims to strengthen the AML framework by harmonizing rules and facilitating joint analysis among EU member states.

  • FIU-the Netherlands held a webinar with fellow European FIUs on experiences with powers to stop and seize assets.
  • The proposal for AMLA is expected to enhance cooperation and coordination among EU member states in combating money laundering.

National Developments

The FATF evaluation highlighted areas for improvement, including adopting a more risk-based approach, systematic feedback on the use of FIU products, and greater deterrent effects from penalties for money laundering. The Netherlands Court of Audit (AR) examined the unusual transaction reporting chain and found that meaningful improvements have been made in tackling money laundering, but the chain is not yet functioning optimally.

  • FIU-the Netherlands launched the Suspicious Transactions Chain Reinforcement Project to optimize the use and understanding of suspicious transactions.
  • The project aims to improve the effectiveness of the unusual transaction reporting chain and enhance the detection of money laundering activities.

Growth

Tackling organized and subversive crime is a government priority with €524 million allocated for 2022, of which €434 million was structural. FIU-the Netherlands received additional funds for technological intensification and capacity expansion, growing its budget to €13.4 million and increasing its capacity from 94 FTEs to 123.5 FTEs.

  • The additional funding will enable FIU-the Netherlands to enhance its capabilities and resources in combating money laundering.
  • The growth in capacity and budget is expected to improve the effectiveness of FIU-the Netherlands in tackling organized and subversive crime.