News release Ministry of Finance | 25-09-2020
In the Netherlands The Council of Ministers approves that cash payments as from 3,000 Euros for professional or commercial traders will soon no longer be possible, data sharing by banks, other financial institutions and notaries becomes easier and there will be a legal option for joint transaction monitoring by banks. In this way, more possibilities are created for effectively tackling criminal money laundering and terrorist financing.
Further measures are taken, where in particular services with high integrity risks will be prohibited. This means a ban on services involving: (i) high-risk third countries, (ii) non-cooperative countries from taxation perspective and (iii) conduit companies.
The Council of Ministers agreed to send the Plan to the Council of State for advice.
NAZALI TAX & LEGAL