antiwitwas

Antiwitwassen, often abbreviated AML/CFT in the Dutch context, refers to the set of policies, laws, and practices designed to prevent money laundering and the financing of terrorism. In the Netherlands the main legal framework is the Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft), which implements European Union directives on AML/CFT. Obliged entities under the Wwft include banks, insurers, and other financial service providers, as well as designated non-financial businesses and professions such as notaries, lawyers, real estate agents, accountants, and dealers in precious metals. The regime requires risk-based customer due diligence, identification and verification of customers and beneficial owners, ongoing monitoring of business relationships, and recordkeeping.

A central component is the reporting obligation: obliged entities must report suspicious transactions to the Financial Intelligence Unit Netherlands (FIU-NL). The FIU-NL analyses reports and disseminates information to competent authorities to support enforcement and investigations. Supervisory and enforcement responsibility rests with several authorities, notably De Nederlandsche Bank (DNB) for financial institutions and the Authority for the Financial Markets (AFM) for listed and other regulated entities, with the Belastingdienst (Tax and Customs) assisting in enforcement. Not complying with Wwft obligations can lead to administrative penalties, fines, or criminal liability for the organization and responsible individuals.

The AML/CFT regime operates within an international context, aligning with EU directives and FATF recommendations and emphasizing a risk-based approach, beneficial ownership transparency, and cooperation among national authorities and foreign counterparts. Ongoing reforms and updates respond to evolving threats, such as complex typologies in money movements, real estate transactions, and the use of innovative technologies to move funds.