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which means:

Law to prevent Money Laundering and Terrorist Financing

General Data Protection Regulation

General Data Protection Regulation

Statutory notification obligation
As of 1 August 2008, European regulations aimed at money laundering have entered into force in the form of the Law on the Prevention of money laundering and terrorist Financing (WWFT). This law replaces the hitherto applicable law reporting unusual transactions (law MOT) and the Law on Identification Services (WID). Lawyers, notaries, accountants, administrative offices and tax advisors now have legal identification obligations, a legal obligation to conduct client research and a statutory reporting obligation for unusual transactions.

Law for the Prevention of money laundering and terrorist Financing (WWFT)
The WWFT dictates that all accountants, tax advisers and administrative offices are subjected to the WWFT for all occupational activities except simple income tax returns and declarations under the Inheritance Law 1956. Services which regards the orientation and advice on or for the avoidance of legal proceedings are not initially covered by the WWFT.

The WWFT obliges us to conduct a client inquiry and to be subject to the notification obligation at:

Work on financial statements

Conducting administrations

tax advice

compiling and filling of tax returns (except for very simple returns)

New types of services such as ‘ tax assurance ‘

The client’s research consists of identifying the customer and verifying its identity. The client is the human or legal body with whom a business relationship is established or for whom a transaction is carried out. Next is the obligation to determine who is the beneficial person of a legal entity: The human who has more than 25% of the capital interest or the voting rights and the beneficiary of 25% or more of the assets of a foundation or a trust.
The WWFT is obliged to conduct a risk policy, assessing whether there is a risk of money laundering or terrorist financing, and whether there is a ‘ politically exposed person ‘.

Of all clients, &Van der Kloet is obliged to keep record of:

Sir name

First names

Date of birth

Address, place of residence or place of establishment

Transcript of the document with person identification

number with which the identification took place

of legal entity’s, the following should be recorded:

The Legal form

The statutory name

The trade name

The address with house number and zip code

The place of establishment

The country of the statutory seat

The registration number of the KVK and the place of establishment of the KVK

How identification took place

Of the representative of the legal person should be established:

First names

Sir name

Date of birth

The WWFT requires that accountants, tax advisers and administrative offices have to report unusual transactions to the Financial Intelligence Unit Nederland (FIU-NL, formerly the hotline for unusual transactions). In the WWFT, indicators have been established to assess the existence of an unusual transaction. This legislation entails both for us and for you (administrative) burdens. Failure to comply with this law provides an economic offense for which we can be prosecuted. We ask for your understanding of the consequences that this legislation entails for you and us. For more information on the WWFT, please visit the website of the Ministry of Finance.