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Expertise

Economic offences (Economic Offences Act and Money Laundering and Terrorism Financing (Prevention) Act) (WED and Wwft)

The Economic Offences Act penalises violations of rules included in specific regulatory legislation.

 

Examples of this include the rules laid down in the Money Laundering and Terrorism Financing (Prevention) Act (Wwft) , the General Customs Act (Algemene Douanewet) and the Sanctions Act (Sanctiewet), e.g. client due diligence and the duty to disclose unusual transactions as laid down in the Money Laundering and Terrorism Financing (Prevention) Act (Wwft). In addition, prosecution may take place under the Economic Offences Act (WED) in the event of violations of legislation on strategic goods (dual use) or of licensing rules applying to import and export, or in the event of transactions with countries or individuals for which sanctions have been set.

 

  • Conducting customer due diligence: Because the Wwft is risk-based, it depends on the risk of the client how in-depth the customer due diligence must be. Can the customer due diligence not be completed? Then you may not enter into a business relationship or carry out a transaction.
  • Reporting unusual transactions: An unusual transaction must be reported to the Financial Intelligence Unit. There is a tipping off prohibition. This means that you are not allowed to tell your client that you have made a report. To assess whether a transaction is unusual, the legislator has established indicators, distinguishing between objective and subjective indicators. Different indicators apply to each institution.
  • Documenting and storing customer due diligence and reports.
  • Mapping and updating risk factors with regard to the type of client, product or country. If your company is of a certain size, you are also obliged to set up an audit and compliance function.
  • Training employees so that they are able to properly conduct customer due diligence and review transactions.

 

 

 

 

 

     

 

 

 
  • Main Wwft obligations:
    • Client due diligence
    • Duty to report
    • Documents
    • Risk management
    • Education
  • Money laundering
  • Civil and Criminal Indemnity
  • Criminal prosecution or administrative fine
  • WED

Contact our specialists

Mr. J.N. (Judith) de Boer

Mr. G.M. (Mariëlle) Boezelman

Mr. A.A. (Anke) Feenstra

Mr. P.J. (Peter) van Hagen

Knowledge articles on this topic (in Dutch)

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