The Netherlands Amended The Money Laundering And Terrorist Financing Act (Wwft)

; posted on
September 25th, 2018

The Dutch tax authorities updated the Act to Prevent Money Laundering and Financing Terrorism (Wwft) on 19 September 2018. This bill followed the 4th European Anti-money Laundering Directive (AMLD4).

Investigation and Reporting Obligation for Buyers and Sellers of Goods Has Been Broadened

  • They must always research on their clients when they pay € 10,000 or more in cash, which was € 15,000 or more.
  • When they receive € 10,000 or more in cash, and there is a reason to suspect that the transactions may relate to money laundering or terrorist financing, they must report the transactions.
  • When they buy or sell vehicles, ships, artifacts, antiques, gems, precious metals, jewelry or jewelery, and receive € 20,000 or more in cash, they must always report these transactions. The threshold was € 25,000 or more.
  • These rules apply not only to the sale of goods, but also to purchases of goods.

The Duty to Report Has Also Been Expanded for Mediators

  • Brokers and brokers in real estate must report transactions of € 10,000 or more. This was € 15,000 or more.
  • Mediators in the purchase and sale of vehicles, ships, artefacts, antiques, gems, precious metals or jewellery must report transactions when they receive € 20,000 or more in cash. The threshold was € 25,000 or more.
  • Pandhuizen must report transactions when they pay € 20,000 or more for goods that are pledged to them. The threshold was € 25,000 or more as well.

Other Rules

The EU has drawn up a list of risk countries. If a country is on this list, every transaction with that country must be reported to the Financial Intelligence Unit-Netherlands (FIU-the Netherlands). The data retention requirement is more specifically described. The obligation for the institution reporting a transaction to FIU-the Netherlands of keeping proofs has now been specified in Article 34 of the new Wwft.

Source: Dutch Tax Authorities

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