FATF evaluation Netherlands
The Financial Action Task Force or FATF makes periodical evaluations of different countries. Such an evaluation starts on the basis of what is referred to as a Mutual Evaluation, in which a team of experts from a variety of countries is asked to make an evaluation of a country in accordance with a standard procedure. The implementation of recommended measures (40 Recommendations), effectiveness (11 Immediate Outcomes) of the country in combating money laundering, the financing of terrorism and proliferations form part of the points that are the subject of the evaluation. A visit was made to the Netherlands in the period from 27 October to 18 November 2021 (on-site) as part of this process by ‘financial, legal and law enforcement experts’ from Austria, Belgium, Brazil, Hong Kong, China, Japan and the Sultanate of Oman, with the support of members of the administrative office of FATF.
The experts had already been provided with the necessary documents prior to the visit; more than 2000 pages of text and supporting information, 200 case descriptions and 54 descriptions of projects and collaborative arrangements, which meant that there was enough for substantive discussions with 138 representatives from public parties as well as representatives from 38 private parties. The event took place at a height of 146 metres on the 36th floor of the Ministry of Justice and Security and during the many meetings, numerous questions were fired to different persons attending. However, all those present were given the opportunity to show the effectiveness or to make those aware of the possible problems they came across. The circumstances were not ideal as a result of Covid but it was successful with certain adjustments everyone made and more than 100 self-tests. FATF expressly thanked the Netherlands and all those who made their contributions; the flexibility, the thorough preparation as well as all the documents as provided were much appreciated. So how to go on? Prior to on-site, the team of experts had already given a first draft response to the 40 recommendations which particularly monitor the legal-technical basis in the Netherlands, and the presented document will be supplemented to form a total report which also considers the 11 components in the context of the effectiveness of the way the Netherlands tackles these issues. The first draft version is expected to be offered to the Dutch representation at the beginning of the first quarter 2022. Eventually, in June 2022, the report is adopted during a plenary session of FATF as well as being released for publication. We have to wait for the final evaluation and the recommendations for the Netherlands, but we will keep you informed!