Cabinet wants to refine money laundering

When tackling money laundering, the cabinet wants to improve the supervision of notaries, lawyers and providers of crypto services. At the same time, it should be easier for individual companies with a high risk of money laundering to open a bank account.

The ministers Kaag of Finance and Yesilgöz of Justice and Security write to the House of Representatives that there are already all kinds of rules to prevent the laundering of large sums of money through shadowy structures and that the basics are in order. The starting point is that financial and economic companies know their customers well, that they know who they are doing business with and that they prevent them from being used by criminals.

Customer research

This includes banks. There are also obligations for non-financial institutions, such as notaries, lawyers and crypto providers, but the cabinet wants to tighten them up. From now on, they too will have to do a customer survey. The approach to money laundering is high on the list of priorities for this cabinet, the ministers emphasize.

The cabinet acknowledges that the strict rules can also have unintended consequences. For example, people often face high financial barriers, just because they work in a certain sector. For example, they cannot open a bank account. Examples include sex workers and car dealers. Kaag and Yesilgöz want the focus to be shifted from an entire sector to individual consideration.