THE HAGUE - The Dutch government must increase the capacity to detect money laundering cases in the Caribbean Netherlands. That is what the Financial Action Task Force (FATF) states in the report on the Netherlands published today. It is the first time that the organization has paid specific attention to Caribbean municipalities in its report on the Netherlands.
“While the BES's investigative expertise in financial investigations has improved in recent years, the overall number of money laundering investigations and convictions remains low. The Dutch authorities are advised to adapt the BES legislation to address some technical shortcomings. In addition, it is important that the investigative authorities of the BES islands prioritize the investigation and prosecution of money laundering cases, in view of the risks, and set up stand-alone money laundering investigations," according to the FATF.