Suspicious money transactions dropped in the Netherlands

August 06, 2008 6:59 AM

Financial Intelligence Unit (FIU) of the Dutch police Corps established in her 2007 annual report that the number of suspicious money transactions from the Netherlands to the Neth.Antilles has dropped considerably, but on the other hand, the number of unusual transactions increased slightly. The drop of the suspicious money transactions has put the Antilles on the 4th place in the category suspicious flow of money from the Netherlands.

 FIU registered 1900 suspicious transactions from the Netherlands in 2007. The total value of these transactions was 5.6 million euro; in 2006, 3900 transactions (13.5 million euro); in 2005 6900 transactions; and in 2004 even 11.600 (42.7 million euro). The number of unusual transactions was 12.700 in that year, while in 2003, these were even 28.000; and in 2007, these were 4000 (8.7 million euro), 1000 more than in 2006.

The decrease of the total reporting is to be attributed to the tighter legislation, but also due to the tackling of the drug transportation to the Netherlands. The Reporting Stations Unusual Transactions (MOT’s) within the Kingdom will continue working even more intensive; also as part of the political renewal. Exchange for expertise, intelligence, knowledge, and best practices are the keywords here. Together with the MOT’s in Aruba and the Antilles, FIU-Netherlands will take up joint investigation project and there will be an exchange of financial analysis.

Surinam is number one on the list of suspicious flow of money from the Netherlands, followed by Turkey and Nigeria; number 5 on the list is the Dominican Republic. The Antilles are not in the top-5 of the list of unusual transactions, while Nigeria has dropped with more than 50 percent, so that Nigeria has also dropped from the top-5.

The flow of money to Surinam and the Dominican Republic has doubled last year. 90 Percent of the flow of money to Turkey is regarding transactions with an amount higher than or equal to the objective report-limit. FIU says that this has to do with the service of some Turkish banks in the Netherlands. The suspicious or unusual flow of money to Nigeria or Ghana is related to the so-called 419-fraud, where money is haggled via e-mails under the guise of investments.
An explanation for the increase to Surinam would be that due to supervision of the National Bank in Surinam, as part of the subjective duty to report, one money transfer bidder has made express inquiry, based on the return reports of the FIU-Netherlands.

(Source: National Newspaper Amigoe)

August 4, 2008