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| Business community wants the government to take control in tackling money laundering |
In a collective effort to combat money laundering, various financial stakeholders, including banks, brokers, and notaries, are pressing for government leadership. This call to action emphasizes the necessity of appointing a national coordinator to address the current lack of "clear guidance and prioritization" in the Dutch approach to tackling money laundering.
Business associations, VNO-NCW and MKB-Nederland, have joined forces 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 to underscore the urgency of this matter, particularly in the run-up to the Tweede Kamer elections.
The core issue, according to these organizations, is the web of conflicting laws and regulations that they must navigate, which they believe hampers their role as "gatekeepers" of the financial system. They advocate for the adoption of a mutual alert system, similar to what banks and insurers currently employ to combat fraud. Additionally, they aim to facilitate increased information sharing among themselves, a proposition that sometimes collides with privacy protection regulations.
These barriers presently impede efficient and effective measures against money laundering. Legitimate businesses suffer while criminals operate with relative impunity in the world of underground finance. Even the mere purchase of a house necessitates the repeated submission of identical data to brokers, banks, and notaries. Banks may find themselves compelled to take overly stringent measures against potential money laundering, such as refusing services to certain customers.
The financial sector has grappled with money laundering regulations for years, with major institutions like ING and ABN AMRO already incurring substantial fines for their failures in addressing money laundering. Other banks are similarly facing penalties. However, the regulator, De Nederlandsche Bank (DNB), is now exploring a "more risk-based approach" to combating money laundering, with the goal of preventing unnecessary customer rejections and obstructions resulting from overly stringent controls. Nonetheless, banks still bear the high costs of screening customers and transactions, and there is a consensus that a more streamlined approach is necessary.
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