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| Business community wants the government to take control in tackling money laundering |
In response to mounting concerns, a broad coalition of banks, brokers, and notaries is uniting their voices to advocate for greater government involvement in addressing the issue of money laundering. Their collective plea underscores the necessity for a national coordinator to spearhead efforts, citing the current lack of "clear guidance and prioritization" in the Dutch approach to combat money laundering.
Key stakeholders, including business associations VNO-NCW and MKB-Nederland, in collaboration with the banking umbrella association NVB, the association of insurers, the notaries' association KNB, the association of trust offices Holland Quaestor, and the real estate agents' associations NVM and VBO, are emphasizing that effective deterrence of criminals necessitates increased government investment in scrutinizing reports, apprehending wrongdoers, and sharing vital information with gatekeepers.
The primary issue identified by these organizations is the presence of conflicting laws and regulations, which they assert hinder their roles as the financial system's "gatekeepers." They advocate for the implementation of a mutual alert system similar to the one already in place for banks and insurers to combat fraud. Additionally, they seek greater freedom to share information amongst themselves, although this raises privacy protection concerns.
The current barriers are impeding efficient and effective operations, resulting in negative consequences for legitimate entrepreneurs, while criminals continue to operate with relative impunity under the radar. As it stands, even the purchase of a house requires redundant data submissions to brokers, banks, and notaries. Banks are sometimes compelled to take overly stringent actions against potential money laundering cases, such as refusing services to certain customers.
Money laundering regulations have been a longstanding challenge for the financial sector. Institutions like ING and ABN AMRO have already faced substantial fines for their lapses in addressing money laundering. With other banks also under scrutiny, regulatory authority De Nederlandsche Bank (DNB) is in the process of adopting a "more risk-based approach" to money laundering prevention. The goal is to avoid overly strict controls that may lead to unwarranted rejections or customer obstructions. Nevertheless, the cost of screening customers and transactions remains high, prompting the banks to call for a more streamlined approach.
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