According to the Money Laundering and the Financing of Terrorism (Prevention) Act (Wwft), the Financial Intelligence Unit-Netherlands is the authority to report suspicious transactions for organizations that are obliged to report.
FIU-Netherlands analyzes suspicious and unusual transactions reported by organizations to reveal money flows that may be linked to money laundering, terrorism financing, or underlying crimes. Transactions are made available to various law enforcement and investigation services after they are declared suspicious by the FIU-Netherlands president.
The financial intelligence of FIU-Netherlands contributes significantly to the national and international Anti-Money Laundering and Counter-Terrorism Financing. Cooperation with national partners is essential for the authority body to be effective.
Money laundering and terrorism financing are cross-border problems that can only be effectively resolved in an international setting. Binding agreements have been made within the European Union and the Financial Action Task Force (FATF) to approach these problems. Dutch legislation is also based on international AML obligations and the European Union AML directives. The Money Laundering and Terrorist Financing (Prevention) Law (Wwft) and the Netherlands have implemented the European Anti-Money Laundering Directive since 2015. This is the Fourth Anti-Money Laundering Directive (Directive (EU) 2015/849) current EU legislation that simultaneously considers the 'forty recommendations' of the FATF.
In the Netherlands, organizations at risk of money laundering and terrorist financing must comply with AML laws and regulations. According to these laws, institutions should send their suspicious activities to the institution they are responsible for; as we mentioned above, this institution is the Financial Intelligence Unit-Netherland in the Netherlands. Below you can find the institutions that need to report in FIU-Netherland.
According to the Wwft Law, the institutions we identified above must report transactions they suspect of crimes such as money laundering terrorism financing to the FIU-Netherlands. The only and central institution that can be reported in the Netherlands is FIU-Netherlands. Any organization that fails to report an unusual or suspicious transaction is guilty of infringing Wwft. When an organization fails to report intentionally or unintentionally, it is committing an economic crime with specific consequences under Section 1, sub 1 of the Dutch Economic Crimes Act.