Financial Crime World

Unmasking Financial Crimes in the Netherlands: A Comprehensive Review of Current Threats

The Dutch Banking Association, in collaboration with the financial sector and public parties, has released the “Financial Crime Threat Assessment of The Netherlands 2023-24.” This report aims to provide a clear understanding of the current, relevant financial crime threats facing the Netherlands.

Key Findings

  • The Dutch context uncovered 88 potential financial crime threats.
  • Experts identified a ‘Top 20’ list of the most significant threats for further exploration.
  • These threats span a wide range of categories.

The Top 20 Financial Crime Threats

  1. Arms Trafficking: Involves the illegal selling, buying, transporting, or trading of weapons.
  2. Bribery: Offering, giving, receiving, or soliciting something of value as a means to influence the actions of an individual or organization.
  3. Corruption: Misuse of public or private power for personal gain.
  4. Environmental Crime: Unlawful activities related to natural resources and the environment.
  5. Modern Slavery: Exploitation of human beings for labor or services through the use of force, coercion, deception, or abuse.
  6. Money Laundering: Hiding the proceeds of criminal activities to appear legitimate.
  7. Fraud: Deception or misrepresentation to gain an unfair or unlawful advantage.
  8. Tax Evasion: Deliberately avoiding paying taxes owed.
  9. Identity Theft: Stealing and using someone’s personal information without their consent.
  10. Insider Trading: Trading stocks or securities based on material, non-public information.
  11. Cybercrime: Crime involving the internet or technology.
  12. Terrorist Financing: Providing financial resources to terrorists or terrorist organizations.
  13. Organized Crime: A group of individuals acting in concert to commit crimes.
  14. Public procurement fraud: Manipulating the public procurement process for financial gain.
  15. Securities fraud: Deception or manipulation related to stocks, bonds, or other securities.
  16. Phishing scams: Attempting to acquire sensitive information by posing as a trustworthy entity.
  17. Credit card fraud: Stealing or using credit card information for unauthorized transactions.
  18. Extortion: Using threats to coerce someone into giving something of value.
  19. Ponzi schemes: A fraudulent investment strategy that pays returns to earlier investors from funds contributed by newer investors.
  20. Narcotics trafficking: The illegal buying, selling, transporting, or trading of controlled substances.

Characteristics of the Financial Crime Landscape in the Netherlands

  • Prominent international trade hub
  • Member of the European Union
  • Extensive transportation infrastructure
  • Open financial systems

Report Limitations

  • Does not follow a scientific approach
  • Relying on existing publicly available information and expert opinions
  • Subject to continuous change, serving as a snapshot at the end of Q4 2023