Title: Netherlands Faces Surge in Financial Crimes: Top Threats Identified in New Assessment
Financial Crime Threat Assessment of The Netherlands 2023-24
Executive Summary
The Dutch Banking Association (NVB) has published the “Financial Crime Threat Assessment of The Netherlands 2023-24,” providing insights into 20 significant financial crime threats in the Netherlands based on expert opinion and public information. This assessment, co-created with the financial sector and public parties, enriches available information with expert opinions.
Background
The fight against financial crime in The Netherlands saw a significant shift in 2023 with the Dutch Central Bank’s “risk-based roundtables.” This collaboration within the sector led to more dialogue and industry baselines, enhancing the proportionality and risk relevancy of banks’ gatekeeper roles.
Scope
The assessment covers financial crime threats impacting Dutch financial institutions subject to the Wet ter voorkoming van witwassen en financieren van terrorisme (WWft) and the Sanctions Law.
Key Findings
The report identifies several critical financial crime threats facing the Netherlands, including:
- Bribery: Description, characteristics in the Netherlands, and general modus operandi.
- Trafficking of Arms: Description, characteristics in the Netherlands, and general modus operandi.
- Money Laundering: Description, characteristics in the Netherlands, and general modus operandi.
- Environmental Crimes: Description, characteristics in the Netherlands, and general modus operandi.
- Public Funding Fraud: Description, characteristics in the Netherlands, and general modus operandi.
Collaboration
During workshops, experts from financial institutions, the police, the FIU, and the FIOD exchanged information, effectively understanding and addressing financial crime threats.
Limitations
The report is based on existing, publicly available information and expert input and should not be used as standalone guidance for prioritizing threats within a bank. It also reflects the current financial crime landscape snapshot in Q4 2023, which is subject to continuous change.
Definitions
Key terms like threat, risk, scenario, and modus operandi are defined to ensure a common understanding.
Conclusion
The “Financial Crime Threat Assessment of The Netherlands 2023-24” marks a significant step forward in revealing and addressing the most prevalent financial crime threats targeting the Dutch financial sector. The report’s insights will enable financial institutions to implement comprehensive risk management measures and promote a safer, more resilient financial ecosystem.
For more information on each financial crime threat, refer to the full report available on the Dutch Banking Association’s website.