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Kingdom of the Netherlands-Netherlands: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2011: Issue 092
Language:
English
Publication Date:
19 Apr 2011
DOI:
https://doi.org/10.5089/9781455230082.002
ISBN:
9781455230082
ISSN:
1934-7685
Pages:
334
Keywords:
ISCR; CR; financial institutions; criminal offense; beneficial owner; penal code; investment company; natural person; drug trafficking; due diligence; safe harbor provision; statutory offense; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; Money laundering; Europe; Global; Western Europe
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The Netherlands has a long-standing legal framework concerning Anti-Money Laundering and Combating the Financing of Terrorism preventive measures, which dates back to 1993. The legal framework for Customer Due Diligence is generally adequate; however, a number of provisions are problematic. The Dutch system of preventive measures emphasizes the risk-based approach, complemented by a principles-based approach. The principles-based approach should be better supported with guidance for financial institutions. Although most elements of the Suspicious Transaction Report reporting requirements are in place, the reporting regime has one minor legal shortcoming and raises effectiveness concerns.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund