Heads-up big spenders, no more cash payments above 3000 euro

In an effort to tackle money laundering by criminals, the Netherlands are attempting to ban cash payments above 3000 euro.

The Ministers of Finance and Justice submitted a plan on the issue to parliament today, pointing out that the current rules which require declaration of payments made in cash above 10,000 euro are not stringent enough.
 

How much money is laundered in the Netherlands?

It is estimated that 16 billion euros are laundered each year in the Netherlands.

Justice Minister Grapperhaus said “Through a joint effort, we want to take the approach against money laundering to a higher level. The Netherlands must be among the international leaders in tackling money laundering.”


Who even knew there was a 500 euro note?

The Netherlands are also lobbying to ban the production of the 500-euro banknote, but require the support other European countries. This is due to the fact that organised crime gangs are thought to be some of the biggest handlers of the 500 euro note and and it accounts for over 30% of the value of all banknotes. Despite this, most people have never laid eyes on one.

The discontinuation of the note is not a solution by itself but will help to curb the problem.


Bank connectivity

Currently, a client discovered to be involved in crime can be expelled from the bank but information about this client cannot be passed on to other banks to notify and warn them of their criminality. This means the criminal can easily sign-up with another bank and start criminal endeavours all over again.

Creating an information flow between banks will lead to greater transparency and awareness in organised crime.

Feature image: Marco Verch/Flickr/CC2.0

Freya Sawbridge
Freya was born in Edinburgh but raised in New Zealand (cue every person she meets saying “oh I have always wanted to go there but it’s so far away!”). A restless and curious nature has led her to move countries 5 times in the last 3 years in attempt to find a place she can call home. She contacted DutchReview on a whim and arrived in the Netherlands in summer 2019 to start her internship.

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