The shared goal of FIU-the Netherlands and its partners in the Netherlands is ‘to prevent and combat money laundering and the financing of terrorism’. The several partners involved in the law enforcement process carry out a succession of actions and endeavours that contribute to realizing this shared goal. These successive acts consist of reporting unusual transactions; monitoring compliance with the obligation to report; analyzing the unusual transactions reported; investigating, prosecuting, and convicting those who commit criminal offences; and confiscating unlawfully obtained assets. Close cooperation between the partners is crucial if we are to take an effective stance against these crimes.
Institutions with a duty to report
Close and effective cooperation with its partners is of crucial importance to FIU-the Netherlands. High quality, relevant reports are vital to enable us to quickly and effectively investigate whether persons may be involved in offences. FIU-the Netherlands maintains close contact with entities that have an obligation to report, as well as with their overarching trade associations and professional organizations. In addition, FIU-the Netherlands regularly hosts information days for various groups of reporting entities and distributes information sheets and news flash items.
The Ministry of Finance has appointed a number of supervisory authorities to ensure that reporting entities comply properly with the obligation to report. FIU-the Netherlands works together with the supervisory authorities to provide information to various groups of entities.
One important component of the monitoring role is checking that entities have a suitable administrative organization in place, including internal auditing procedures. The entity’s administration must be of a sufficient standard to enable the entity to carry out customer research and to ensure that staff recognize unusual transactions and report them to FIU-the Netherlands. In addition, the supervisory authorities ensure that the entities actively carry out customer research and do indeed report any unusual transactions.
The supervisory authorities for the Wwft Act are:
- De Nederlandsche Bank (DNB): The DNB is responsible for monitoring compliance with the Wwft by banks, credit institutions, money exchange institutions, electronic money institutions, payment institutions, life insurers, trust offices, casinos, and safe custody services.
- The Netherlands Authority for the Financial Markets (AFM): The AFM is responsible for monitoring compliance with the Wwft by investment companies, banks and financial service-providers to the extent that they act as life-insurance brokers, and Undertakings for Collective Investment in Transferable Securities (UCITS).
- Financial Supervision Office (BFT): The BFT is responsible for monitoring compliance with the Wwft by accountants, tax consultants, and civil-law notaries.
- Tax authority / Wwft Act Supervision Office monitors agents or brokers in high-value goods, valuers, dealers or traders in goods, pawnbrokers, and natural or legal persons that put their address at the disposal of another.
- The dean of the Bar Association in the legal district is responsible for the supervision of lawyers.
The Wwft Act provides for the exchange of information between the supervisory authorities and FIU-Netherlands with regard to reporting behaviour of the entities with an obligation to report. Such information is frequently exchanged.
Criminal-investigation and law-enforcement authorities, intelligence en security services
Transactions categorized by FIU-the Netherlands as suspicious are passed on to the investigative authorities or special investigative services, law enforcement services, or security or intelligence services.
These partners maintain close contact with regard to submitting requests for information, matching data, and using information about suspicious transactions in criminal investigations.
Public Prosecution Service
The Public Prosecution Service’s National Public Prosecutor for Money Laundering and FIU-the Netherlands work together closely. Information requests from the investigative authorities, known as LOvJ-requests (National Public Prosecutor requests), are submitted via the National Public Prosecutor for Money Laundering.
Various persons, institutions/ institutional representatives have been convicted in recent years for failing to report unusual transactions, or for reporting them incorrectly or too late. This resulted from a joint project of the Public Prosecution Service, the FIOD, the police, FIU-the Netherlands and the Wwft supervisory authorities aimed at improving compliance with the Wwft Act.
Prosecution Service Criminal Assets Deprivation Bureau (FP) and Central Fine Collection Agency (CJIB)
In the execution stage, the FP and the CJIB play a key role in the confiscation of criminal assets. Files of the CJIB and BOOM are frequently compared with FIU-the Netherlands’ database.