Maxim Hodak explains the overlaps between the EU and Dutch Anti-money laundering

The European Commission does regular risk assessments to not just identify but take steps against the risks that affect the internal market in the EU countries and comes up with solutions to counter these international-level threats. Recently, the EU issued an anti-money laundering directive (AMLD) which is being implemented into the national laws.

Money laundering is an issue that has plagued the entire world. Caused by criminal activities such as tax evasion, terror financing, hiding the source of the criminal proceeds, human trafficking, and money laundering leads to massive corruption. It costs nearly 120 billion dollars in losses to the World Bank every year. The main objective of the Anti-money laundering and terrorist financing laws is to protect the integrity of the financial system of Europe.

The EU and the Dutch laws on the matter of Anti-money laundering and terrorist financing are interconnected. The Anti-Money Laundering Directive or the AMLD of the EU prevents fraud and guards against misuse of the financial system by individuals or organizations financing terrorists and terror acts. In the Netherlands, the equivalent of this directive is known as Wwft.

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