The House of Representatives is opposed to the new law against money laundering and terrorist financing. This law should give banks the opportunity to jointly monitor transactions, but the question is whether privacy is not undermined by the law. “Everyone wants to confront criminals, but the facts have to be right.”
The government believes that more needs to be done to launder money, bring money from the underworld to high society and fight terrorist financing. But some parties fear the bill goes too far. Experts and interested parties have provided the Chamber with explanations on the bill, but have not been able to dispel the doubts.
2 percent
“We want to increase the possibility of getting captured criminal money,” says VVD Eelco deputy Heinen. “We now only have a picture of 2 percent of this capital, which means 98 percent ends up in the pockets of criminals and terrorists.”
However, the Dutch Data Protection Authority is seriously concerned about the privacy protections provided by law. According to PA president Aleid Wolfsen, the law ‘leads to unlawful interference with citizens’ fundamental rights’. The law is therefore illegitimate, believes the Authority, and “cannot be adopted in this form”. For example, there are concerns about completely excluding someone from the financial system, as a result of which someone can no longer open a bank account.
Facts
“That’s really the topic of debate now,” Heinen says in conversation with political journalist Leendert Beekman. ‘Everyone wants to take on criminals and stop suspicious money flows. But we learn from the industry that the facts on which the Authority has relied are not entirely correct.’
Medy van der Laan, president of the Dutch Banking Association, said during the debate in the House of Representatives that there are persistent misunderstandings about the bill. ‘All transactions of all people in the Netherlands must already be monitored. What’s in front of that makes it more meaningful.
Cut
Furthermore, there are doubts about the practical effect of the law. According to independent experts, much more should be monitored, says Heinen. ‘There is now a limit of 100 euros in the law. But what you will soon get is that people who want to harm will cut off their transactions and then disappear from sight.’
According to Eelco Heinen, there are “a lot of differences in interpretation about the facts, and that makes it very difficult for us to pass judgment on this.” But the chance of getting caught must increase, the question is whether this law will be successful, Heinen points out. ‘We have to keep the Netherlands safe, when it comes to criminal money that really needs to be improved. But that doesn’t mean you have to throw privacy overboard.’ Next year it should be clear what the final plan will look like.
Source: BNR
Fernando Dowling is an author and political journalist who writes for 24 News Globe. He has a deep understanding of the political landscape and a passion for analyzing the latest political trends and news.
