HQ Flash | april 2023

Dear reader, 

From various angles people are reflecting, discussing and taking action on matters that involve the trust sector. There is a specific focus on fighting money laundering. 

For example, money laundering is on the policy agenda of the so-called stakeholder consultation initiated by the Ministry of Finance.
Key items are; to be strict where needed (for example in fighting facilitators), there should be space where possible (also small financial institutions should be able to process these) and we should measure to know (keeping statistics and feedback loops). All important elements to improve the fight against money laundering together. They are in line with HQ's earlier pleas. A progress report is expected during spring, which shall have our focus thereafter.
 
Meanwhile, the money laundering action plan bill is pending in De Tweede Kamer. In view of this bill, HQ has formulated some suggestions for improvements towards various political parties. An important improvement would be to allow other industries to join the joint transaction monitoring that this bill initiates for banks.

From a cooperation aspect, HQ is also taking part in a consultation initiated by VNO NCW between various gatekeepers (banks, notaries, insurance companies, brokers, accountants and the trust sector). In this consultation, opportunities are actively sought, both on short and long term, to cooperate more efficiently and effectively. We expect results in the course of this year.

In recent years, the Dutch legislation to which trust offices have to comply with has become more and more strict. This has resulted in the Netherlands having the most strict legislation for corporate service providers in the European Union. This in itself is not an issue, of course. In fact, Dutch corporate service providers are fully aware of their role as gatekeepers. It does create risks though. In particular, that rogue parties evade strict Wtt 2018 supervision by shifting to illegal trust services. HQ is also continuously liaising with, for example, DNB, AMLC and the FIU about this. This risk of providing illegal services is also a reason why the recent initiative paper initiated by GroenLinks and the PvdA, which calls for a ban to the trust sector to be investigated, is at least somewhat typical. After all, without the trust sector in place, an important gatekeeper is lost that often goes beyond the requirements set out in the Wwft.

Needless to say, HQ also puts a lot of time into its roles as thought leader, point of contact, spokesman and support for HQ members. For example, the efforts to improve the UBO legislation, the regular consultations with DNB and the Ministry of Finance, liaisons with journalists and the work of the compliance platform that will soon organise a joint session with the FIU.


Warm regards on behalf of the board, 

Martin Wörsdörfer
Chairman