Financial Crime World

Dutch Authorities Crack Down on Financial Crime: An Overview of Legislation and Policy Statements in the Netherlands

The Netherlands, known for its robust and transparent financial system, continues to face the constant threat of financial crime, including money laundering and terrorist financing. To mitigate this risk, De Nederlandsche Bank (DNB) enforces integrity supervision over a range of financial and other institutions. In this article, we provide an overview of the international and national laws that underpin DNB’s efforts, as well as its policy statements.

Legislation

European Directives

  • European Union’s anti-money laundering directives (AMLD) aim to prevent the use of the financial system for criminal activities: money laundering and terrorist financing. Learn more

Financial Supervision Act (Wet op het Financieel Toezicht – Wft)

  • In addition to establishing prudential rules, the Wft includes provisions for ethical business practices, though not directly focused on anti-money laundering and terrorist financing.
  • Covers conflicts of interest, involvement in criminal offenses, and socially improper conduct. Learn more

Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft)

  • Addresses money laundering and terrorist financing in the Netherlands.
  • Implements European anti-money laundering directives and FATF standards. Learn more

Sanctions Act (Sanctiewet 1977)

  • Imposes sanctions as an essential tool for international peace and security, upholding the rule of law, and combating terrorism.
  • Targets individuals, organizations, and countries, creating obstacles to undesirable behavior. Learn more

Wire Transfer Regulation 2 (WTR2)

  • Aims to improve the traceability of transfer information to strengthen prevention, detection, and investigation of money laundering and terrorist financing.

Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)

  • Regulates the trust sector to defend the integrity of the financial system. Learn more

Pensions Act (Pensioenwet – Pw)

  • Pension funds in the Netherlands must adhere to integrity risk management as mandated by the Pensions Act. Learn more

Regulation Implementing the Anti-Money Laundering and Anti-Terrorist Financing Act (Uitvoeringsregeling Wwft)

  • Offers additional regulations to implement parts of the Wwft. Learn more

Policy Statements

European Banking Authority (EBA)

  • Assists in protecting the financial system from money laundering and terrorist financing across Europe.
  • Provides guidelines and recommendations to competent authorities, banks, and financial institutions. Access the EBA’s guidelines

Financial Action Task Force (FATF)

  • International organization established to tackle money laundering and terrorist financing.
  • Sets standards and evaluates member countries’ legislative frameworks and effectiveness. Latest FATF Netherlands report FATF alert lists

For a comprehensive understanding of the Netherlands’ legislation and policy statements, consult the links provided above.