Roy

Financial Crime supervisor

Trust offices

“The Netherlands has traditionally had a sizeable trust sector. Trust companies offer various services, including providing a mailing address in combination with administrative work or acting as a director of a company. As a financial crime supervisor, I assess these institutions for compliance with the Act on the Supervision of Trust Offices, the Wtt 2018. Indeed, legal structures, which are often complex, have a potentially high integrity risk; think tax evasion, money laundering and concealing illegally acquired assets. The Wtt 2018 requires greater integrity and professionalism from trust offices, for example in terms of internal control and customer due diligence.

Intervention under criminal or administrative law

My colleagues and I check whether trust offices are performing their gatekeeper role properly, and whether they are not being used (or "misused") by criminals to finance terrorism and money laundering. To do so, we conduct our own examinations of trust offices, we look at their policies and procedures, and we review files that include their customer due diligence. Clearly, whatever is going on in the underlying structure must be completely transparent to the trust office. On-site inspections are what make my work so enjoyable and interesting – this is where you get to see what’s really going on. If we suspect that a trust office is not complying with the law, we first consult internally with the Expertise Centre on Intervention & Enforcement and with Legal Affairs to determine an appropriate intervention. We can then submit a case to the external financial crime consultation – a partnership that includes the Police, the Public Prosecution Service and the Tax and Customs Administration – to determine whether a case will be pursued under criminal or administrative law.

By ensuring that institutions comply with the law, we reduce the risk of money laundering and terrorist financing.

Netherlands safer thanks to ethical financial sector

I am convinced that my work is helping to make the Netherlands a safer place. Allowing criminal money to enter into circulation is harmful to society. It perpetuates crime, damages the rule of law and weakens trust in the financial sector. By ensuring that institutions comply with the law, we reduce the risk of money laundering and terrorist financing. And that is a wonderful thing, because what remains is exactly what we want: a clean and ethical financial sector.”