On 5 June 2018, the Dutch Minister of Finance proposed two amendments (the Proposed Amendments) to the legislative proposal on the Act on the Supervision of Trust Offices 2018 (Wetsvoorstel toezicht trustkantoren 2018, the Proposed Act).
The Proposed Amendments are:
- an explicit ban on circumventing trust service b (the provision of a (postal) address in combination with other certain services, for example providing legal or tax advice, recruiting directors for legal entities, etc.). The aim of this ban is to avoid parties from actively splitting up the provision of a (postal) address and the other aforementioned services for the same client among different parties / entities with the aim of circumventing the application of the Proposed Act.
- an increase of the turnover related fine from 10% to 20% in order to align the Proposed Act with the implementation of the Fourth Anti-Money Laundering Directive (2015/849) (Vierde anti-witwasrichtlijn).
The Proposed Amendments will now be considered by the Dutch Parliament (Tweede Kamer).
View the Proposed Amendments (Dutch only), 5 June 2018.
