Netherlands Strengthens Anti-Money Laundering Framework: New Measures and Reinforced Financial Intelligence Unit
The Netherlands is taking steps to fortify its anti-money laundering framework and combat the misuse of its financial system by criminals. The Dutch government unveiled an action plan in 2019, including two measures that are part of the Netherlands’ Recovery and Resilience Plan.
Reinforcing the Financial Intelligence Unit (FIU-Nederland)
The FIU-Nederland, which plays a crucial role in preventing and detecting money laundering, fighting against fraud, and tracing the financing of crimes, is undergoing significant reinforcement. The FIU is on track to increase its workforce by 20 full-time equivalents compared to the beginning of 2022.
New Cash Payment Limit
Additionally, a new law has been submitted to the parliament, proposing a limit on cash payments of €3,000, entering into force on 1 January 2025. These reforms are part of a wider action plan aimed at tackling money laundering.
Key Areas of Focus
The action plan focuses on three primary areas:
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Enhancing barriers for criminals:
- The Netherlands is implementing measures to hinder criminals from laundering money.
- Investments in projects targeting criminal financial flows and crypto-assets.
- A cash payment limit of €3,000 is being introduced.
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Strengthening gatekeeper functions and supervision:
- Financial institutions will engage in data sharing and joint processing to enhance information exchange.
- Establishment of a Serious Crime Taskforce for money laundering information sharing between detection bodies and large banks.
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Expanding investigation and prosecution capacities:
- Investment in projects like the bank account data reference portal, which provides balance and transaction data.
- The Tax Intelligence and Investigation Service, Financial Intelligence Unit, and Public Prosecutor’s Office are all receiving increased capacities to improve investigations and prosecutions.
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