Laundering money in IP will get even harder!

The IP government has taken another step in the fight against money laundering. This time, it will be forbidden to accept cash over 3000 euros, and bills of 500 euros will be withdrawn from circulation. And banks will have to exclude suspicious customers.

The restrictions are part of an anti-money laundering package proposed by Ministers Vopke Hoekstra (finance) and Ferd Hrapperhaus (justice and security), which was sent to the lower house on Monday.

All this is intended to complicate the life of criminals, leaving them no chance to use the financial system of the Netherlands for their manipulations.

In the Netherlands, about 16 billion euros are laundered annually. This mainly concerns income from drug crime and fraud, more than half of which comes from abroad. By introducing more and more measures and restrictions, the government wants to make the Netherlands unattractive for money laundering.

Also, these new rules will help banks to better fulfill their role of control over the received money and due diligence of customers.

We, of course, are not a bank, but we are also forced to participate in endless checks and prove that our clients are trustworthy.