Financial Fraud in Netherlands Antilles on the Decline, but Unusual Transactions Still a Concern
Introduction
The Financial Intelligence Unit (FIU) of the Dutch police corps has reported a significant drop in suspicious money transactions from the Netherlands to the Netherlands Antilles in its annual report for 2007. While this is a positive trend, the number of unusual transactions increased slightly during the same period.
Decline in Suspicious Transactions
According to the FIU’s report, the total value of suspicious transactions decreased by 56% in 2007, with only 1900 transactions worth €5.6 million reported. This represents a significant drop from previous years, when there were:
- 3900 transactions valued at €13.5 million in 2006
- 6900 transactions worth €42.7 million in 2004
The decrease is attributed to stricter legislation and efforts to combat drug trafficking.
Unusual Transactions on the Rise
However, the number of unusual transactions increased by 1000 to 4000, with a total value of €8.7 million. Despite this increase, the Netherlands Antilles has dropped to fourth place on the list of countries with the most suspicious flow of money from the Netherlands.
Countries with Suspicious Flow of Money
- Surinam (top of the list)
- Turkey
- Nigeria
- Dominican Republic (fifth place)
Insights into Unusual Transactions
The FIU has reported that 90% of transactions with Turkey exceeded €13,000, which is above the objective report limit. This is attributed to the service provided by some Turkish banks in the Netherlands.
In contrast, suspicious or unusual transactions to Nigeria or Ghana are linked to the so-called 419-fraud, where individuals are targeted via email scams.
Joint Investigation Project
The FIU has launched a joint investigation project with the Reporting Stations Unusual Transactions (MOT’s) in Aruba and the Antilles, aimed at:
- Exchanging expertise
- Intelligence
- Knowledge
- Best practices
The unit will also continue to work closely with its counterparts in Surinam, Turkey, Nigeria, Ghana, and other countries to combat financial fraud.
Expert Insights
According to experts, the increase in transactions to Surinam may be attributed to the country’s stricter supervision of the National Bank, which has led to more reports of suspicious transactions.