Violation of financial supervision legislation, as outlined in the Financial Supervision Act (Wet op het financieel toezicht or Wft), the Anti-Money Laundering and Counter-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme or Wwft), and the Sanctions Act, refers to breaches or infringements of the rules and regulations established in these specific laws.
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Financial Supervision Act (Wft): This law regulates and oversees the financial sector in the Netherlands. Violations can range from not meeting licensing requirements for financial institutions to failing to adhere to conduct standards for financial service providers.
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Anti-Money Laundering and Counter-Terrorist Financing Act (Wwft): This law aims to prevent money laundering and terrorist financing. Violations may involve failure to conduct client due diligence or report unusual transactions, among other things.
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Sanctions Act: This law pertains to the implementation and enforcement of international sanctions, such as trade restrictions and financial freezes. Violations could include violating embargoes or evading sanction measures.
Violations of these financial supervision laws can result in various forms of legal action, including fines, license revocations, and even criminal prosecution, depending on the seriousness and circumstances of the violation. It is of great importance to diligently comply with the rules and regulations in these laws to prevent potential legal consequences.
Supervisory authorities play a crucial role in enforcing financial criminal law and ensuring fair and transparent financial transactions. Here are some important supervisory authorities in the context of financial criminal law in the Netherlands:
Autoriteit Financiële Markten (AFM – Financial Markets Authority): AFM oversees the integrity and transparency of financial markets in the Netherlands. They monitor whether financial institutions and market participants comply with the rules and take action against violations.
De Nederlandsche Bank (DNB – Dutch Central Bank): DNB is responsible for prudential supervision of financial institutions. They ensure that banks, insurers, and other financial institutions remain financially sound and comply with legal requirements.
Fiscale Inlichtingen en Opsporingsdienst (FIOD – Fiscal Intelligence and Investigation Service): FIOD is responsible for investigating and prosecuting financial and fiscal fraud, such as tax evasion and money laundering.
Public Prosecution Service (Openbaar Ministerie or OM): The OM is responsible for the criminal prosecution of financial crimes. They collaborate with supervisory authorities and other agencies to initiate and lead criminal proceedings.
Bureau Financieel Toezicht (BFT – Financial Supervision Office): BFT supervises compliance with the Anti-Money Laundering and Counter-Terrorist Financing Act (Wwft) by various professional groups, such as notaries, real estate agents, and tax advisors.
These supervisory authorities work together to ensure the integrity of the financial sector, prevent and combat financial crime, and ensure that financial institutions and market participants comply with relevant laws and regulations.
