Financial Crime World

Unmasking Financial Crimes: Netherlands’ Top Threats Identified in New Assessment

The Netherlands, known for its significant role in the global financial sector, has witnessed a surge in financial crimes, prompting heightened concern among public and private stakeholders. In response, the Dutch Banking Association (NVB), in collaboration with five major banks and public authorities, conducted an extensive assessment of the most prevalent financial crime threats in the region.

Understanding the Financial Crime Threat Assessment of The Netherlands 2023-24

  • The report, titled “Financial Crime Threat Assessment of The Netherlands 2023-24,” offers an in-depth analysis of 20 selected financial crime threats.
  • The assessment aims to provide valuable insights into the nature of financial crimes and their impact on the banking sector.
  • This preliminary step towards a detailed Financial Crime Threat Assessment for banks will enhance the sector’s ability to identify and report potential misconduct.

Methodology and Threat Identification

  • The methodology for this assessment was based on publicly available information from industry sources like Euro pol, FATF, and EBA.
  • Expert opinions from banking and public sector professionals also supported the information gathering process.
  • The identified threats were analyzed based on their relevance, volume, extent, and the characteristics of The Netherlands.

Identified Threats and Their Implications

The following threats, among others, were identified through the assessment:

  1. Bribery: Bribery can take various forms and can occur both domestically and internationally.

    • It poses a significant risk to the reputation and integrity of financial institutions.

  2. Arms trafficking: The financing of arms trafficking involves illicit activities such as money laundering and fraud.

    • It jeopardizes peace and stability in the region and beyond.

  3. Environmental crimes: These crimes include wildlife trafficking and the illegal logging and dumping of hazardous waste.

    • They have negative societal consequences and can harm the environment.

  4. Tax evasion: Tax evasion schemes involve various means of concealing income and assets to avoid tax liability.

    • They undermine trust in the financial system and unfairly burden honest taxpayers.

  5. Sanction evasion: Sanctions imposed by authorities aim to enforce political or economic policies.

    • Evasion of these sanctions can contribute to instability and unrest in the affected regions.

The implications of these financial crimes extend beyond the financial sector’s security and integrity, impacting societal trust and the rule of law.

A Collective Response against Financial Crimes in The Netherlands

  • By bringing light to these critical threats, the Financial Crime Threat Assessment of The Netherlands 2023-24 encourages open dialogue.
  • A stronger collective response from banks, public authorities, and other stakeholders will contribute to a safer and more secure financial landscape for all.