Dutch Government Unveils Ambitious Plan to Tackle Money Laundering
The Dutch government has announced a comprehensive plan to combat money laundering in the country. This plan includes a range of measures aimed at strengthening the anti-money laundering framework, enhancing the effectiveness of gatekeepers and supervision, and improving investigation and prosecution.
Key Reforms as Part of the Dutch Recovery and Resilience Plan
As part of the Dutch Recovery and Resilience Plan, two key reforms are being implemented to improve the approach to anti-money laundering. The objectives of these reforms are:
- To increase barriers for criminals to launder money
- To enhance the effectiveness of gatekeepers and supervision
- To strengthen investigation and prosecution
Reinforcing the Financial Intelligence Unit (FIU)
To achieve these goals, the FIU is being reinforced with 20 full-time equivalents compared to January 2022. This will enable it to:
- Better prevent and detect money laundering
- Fight against fraud
- Track financing of crimes
Proposed Law: Limit on Cash Payments
A new law has been proposed to parliament that introduces a limit on cash payments of EUR 3,000. This measure is expected to come into force on January 1, 2025.
Action Plan to Combat Money Laundering
The reforms are part of a broader action plan aimed at combating money laundering in three key areas:
- Increasing Barriers for Criminals
- Investment in projects targeting criminal financial flows and crypto-assets
- Introduction of a national limit on cash payments above EUR 3,000
- Enhancing the Effectiveness of Gatekeepers and Supervision
- Data sharing and joint processing by financial institutions
- Establishment of a Serious Crime Taskforce to share information on money laundering subjects between detection bodies and large banks
- Strengthening Investigation and Prosecution
- Development of the bank account data reference portal with balance and transaction data
- Additional capacity for the Tax Intelligence and Investigation Service, as well as the Financial Intelligence Unit and the Public Prosecutor’s Office
Conclusion
The Dutch government’s comprehensive plan aims to make it more difficult for criminals to launder money through the Dutch financial system, while also improving the country’s ability to detect and prosecute such crimes.