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Trust offices

Trust office as defined in Section 1, part a, of the van de Trust Offices (Supervision) Act (Wet toezicht trustkantoren).*

Pursuant to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), it is compulsory for trust offices to report unusual transactions. Such reports must be submitted to FIU-the Netherlands. On the first occasion that you submit an unusual transaction report, you must start by registering as a reporting entity. FIU-the Netherlands will then provide the necessary information and provide you with internet access to the reporting portal. Once your account has been set up, you can report unusual transactions over the internet. FIU-the Netherlands analyses all reports on a daily basis and determines which reports to pass on to the investigative authorities.

For reporting unusual transactions there are indicators: several objective indicators and one subjective indicator. If your report falls under one of the objective indicators, no further assessment is necessary on your part: you must report it. If the report does not fall under any of the objective indicators, the subjective indicator may apply. In that case, you assess the transaction for yourself and then decide whether it falls under the subjective indicator. But do take note: it is up to you to assess whether reporting is necessary, but if you do not report an incident when you should properly have done so, you will be held responsible.

The following indicators apply to your type of business:

Subjective indicator*

  • A transaction for which the entity has reason to believe that it might be related to money laundering or terrorism financing.

Objective indicators*

  • A transaction to the sum of €10,000 or more, paid to or through the entity in cash, cheques payable to bearer, a prepaid instrument of payment (prepaid card) or similar means of payment.
  • It reasonable to assume that transactions reported to the police or the Public Prosecution Service in connection with money laundering or terrorism financing are also reported to FIU-the Netherlands.
  • All entities registered with FIU-the Netherlands will be kept informed of any changes to the legislation or reporting procedures, trends, and other relevant developments.

    *The English version is a translation of the official Dutch legislation and is for information purposes only. Any discrepancies or differences created in the translation are not binding and have no legal effect for compliance or enforcement purposes. In case of a discrepancy, the Dutch original legislative text will prevail.

    Het was uiteindelijk een lijvig dossier geworden, dat door de FIU-onderzoeker aan de opsporing overhandigd werd. Vier jaar lang had een toenmalige financiële topman van een internationaal kerkgenootschap kunnen frauderen met gelden van het kerkgenootschap en met kapitaal van entiteiten in eigendom van het kerkgenootschap. De analyse bestreek meerdere miljoenen euro. Om die miljoenen te kunnen wegsluizen gebruikte de financiële man buitenlandse vennootschappen, al dan niet opgericht in belastingparadijzen en met bankrekeningen in verschillende andere landen.


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