Financial Crime World

Title: Current Trends in Financial Crime: A Spotlight on the Netherlands

Dutch Banking Association Releases Comprehensive Assessment on Financial Crime Threats

The Dutch financial sector is grappling with an increasing number of financial crime threats. To help banks better understand and address these issues, the Dutch Banking Association (NVB) has published the “Financial Crime Threat Assessment of The Netherlands 2023-24.” Below is a summary of the media article discussing the key findings:

Overview of the Financial Crime Threat Assessment for The Netherlands

  • The Netherlands, as a hub for international trade and finance, presents an attractive yet vulnerable target for various financial crime threats.
  • NVB, in collaboration with five participating banks and public sector experts, conducted an extensive analysis of financial crime threats in The Netherlands.
  • The assessment is derived from publicly available information as well as expert insights gathered through workshops.

Significant Financial Crime Threats in The Netherlands

The assessment identifies the following 20 significant financial crime threats in The Netherlands:

  1. Arms trafficking
  2. Bribery
  3. Money laundering
  4. Modern slavery
  5. VAT fraud
  6. Environmental crime
  7. Cybercrime
  8. Sanctions violations
  9. Political finance crime
  10. Tax fraud
  11. Insider trading
  12. Identity theft
  13. Intellectual property crime
  14. Trade-based money laundering
  15. Terrorist financing
  16. Human trafficking
  17. Corruption
  18. Organized crime
  19. Fraud in charities and non-profit organizations
  20. Nuclear smuggling

Some threats have unique connections to the characteristics of The Netherlands, such as its international financial hub status and stable political environment.

Importance of the Collaborative Assessment

This collaborative assessment is an essential step toward combating financial crime in The Netherlands. It offers banks concrete insights into the specific threats they face, enabling them to bolster their defenses and effectively implement anti-money laundering (AML) and counter terrorist financing (CTF) measures.

Continuous Change in Financial Crime Landscape

It is important to note that the findings do not provide standalone guidance for prioritizing threats as the situation is subject to continuous change. The assessment represents a snapshot of the Netherlands’ financial crime landscape in Q4 2023.

Ongoing Collaboration and Dialogue

The Dutch Banking Association is committed to continuing the dialogue with the public sector and collaborating on strengthening the Dutch financial sector’s ability to combat financial crime effectively.