Mutual Evaluation of the Netherlands: 2nd Follow-up Report

Mutual Evaluation of the Netherlands: 2nd Follow-up Report

Download pdf ( 720kb)

In February 2014, the FATF recognised that the Netherlands had made significant progress in addressing the deficiencies identified in the 2011 mutual evaluation report and should be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on procedures agreed in October 2009.

The Netherlands was placed in the regular follow-up process as a result of partially compliant (PC) ratings for certain core and key Recommendations in its mutual evaluation report of February 2011.

The February 2014 follow-up report contains a detailed description and analysis of the actions taken by the Netherlands in respect of the core and key Recommendations rated PC in the 2011 mutual evaluation report.

Since the adoption of its mutual evaluation report in 2011, the Netherlands has focused its attention on:

  • Strengthening the preventive AML/CFT legislative framework with the amendment of the Money Laundering and Terrorist Financing Prevention Act (Wet ter Voorkoming van Witwassen en Financiëren van Terrorisme [WWFT]), in particular in relation to the following preventive measures and the financial intelligence unit:
    • A range of Customer Due Diligence requirements, including beneficial ownership requirements;
    • The suspicious transaction reporting requirement;
    • The protection from criminal and civil liability for entities filing suspicious transaction reports;
    • The exchange of information between supervisors, and
    • The legal framework for the financial intelligence unit.
  • The amendment of the Criminal Code to introduce an autonomous terrorist financing offence.
  • The Dutch Ministry of Finance and the four statutory AML/CFT supervisors issued and further updated guidance material with the aim to assist institutions with their implementation of the amended WWFT and the Sanctions Act.

The annex to the 2nd follow-up report is based on a report from the Netherlands on actions taken to address the deficiencies related to the other (non-core/key) Recommendations rated PC or NC in the MER. The information in this Annex was presented for information and was not discussed or approved by the FATF Plenary.