Financial Crime World

Title: International Efforts to Combat Financial Crime: Spotlight on The Netherlands

Key Players Unite Against Financial Crime

The Netherlands, known for its robust economy and strategic geographic location, has become a focal point for international efforts to combat financial crime. The Dutch Central Bank spearheaded “risk-based roundtables” in 2023, leading to increased collaboration in the financial sector.

  • Dutch Central Bank led “risk-based roundtables” in 2023
  • Increased collaboration within the sector
  • Industry baselines enhance risk relevancy of banks

Data-Driven Approach to Understanding Financial Crime Threats

Recognizing the need for more concrete guidelines, the Dutch Banking Association (NVB) and five major banks collaborated on a comprehensive Financial Crime Threat Assessment for banks.

  1. Research on financial crime threats in The Netherlands
  2. Foundation for a more detailed threat assessment

Financial Crime Threat Assessment for The Netherlands

  • Sets foundation for banks’ assessment
  • Seventeen distinct characteristics grouped into seven features
    • International trade centre
    • Geographic location
    • International financial hub
    • Technology and digital environment
    • Social and cultural environment
    • Political environment
    • Maturity of industries

Addressing the Most Relevant Threats

The Financial Crime Threat Assessment identifies various financial crime threats and will enable banks to prioritize their efforts in combating these crimes.

  • Financial crime threats
    • Arms trafficking
    • Bribery and corruption
    • Concealment of beneficial ownership
    • Concealment of identity
    • Drugs economy
    • Environmental crime
    • Extremism
    • Fragmentation of the payment landscape
    • Other threats (not specified in the text)

Collaborative Efforts Yielding Positive Results

The cooperative approach between banks and the public sector has led to successful financial crime prevention efforts.

  • Strengthening financial crime prevention efforts
  • Combining resources and expertise from banks and public sector
  • Demonstrating commitment to combating financial crime
  • Protecting the integrity of the financial system

Note: Some details might be added or adjusted for better readability and to maintain a clear structure.