{"id":970,"date":"2018-02-19T14:04:21","date_gmt":"2018-02-19T14:04:21","guid":{"rendered":"https:\/\/willems-schmidt.eu\/money-laundering-and-terrorist-financing-prevention-act-of-the-netherlands\/"},"modified":"2023-04-26T15:20:03","modified_gmt":"2023-04-26T15:20:03","slug":"money-laundering-and-terrorist-financing-prevention-act-of-the-netherlands","status":"publish","type":"page","link":"https:\/\/willems-schmidt.eu\/en\/money-laundering-and-terrorist-financing-prevention-act-of-the-netherlands\/","title":{"rendered":"Money Laundering and Terrorist Financing (Prevention) Act of the Netherlands"},"content":{"rendered":"<p>The Money Laundering and Terrorist Financing (Prevention) Act imposes a number of obligations on lawyers. WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V. has a duty to make its business relations aware of those obligations and of their consequences. The most important obligation under the Act is that a lawyer is required to report unusual transactions to the Dutch Financial Intelligence Unit. The object of the Act is to preserve the integrity of the financial system by combating money laundering and terrorism (and its financing). If in (exceptional) instances WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V. feels obliged to report an unusual transaction, we cannot and may not inform the client or other business relation that the transaction has been reported.<\/p>\n<p>A second important obligation concerns the identification and verification of clients by lawyers. Before providing any legal assistance, a lawyer always has a duty to identify the client and to verify the client&#8217;s identity. This obligation applies to such matters as buying or selling real estate or other goods subject to registration; managing money, securities, coins, banknotes, precious metals, precious stones or other valuable items; establishing or managing companies, legal persons or similar bodies; buying and selling of shares in, or the full or partial buying or selling or takeover of enterprises, companies, legal persons or similar bodies; tax work; establishing a mortgage right to real estate; and any instances where lawyers act in the name of and for the account of the client in any financial or real estate transaction.<\/p>\n<p>Proper identification is a precondition for the provision of legal services by WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Money Laundering and Terrorist Financing (Prevention) Act imposes a number of obligations on lawyers. WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V. has a duty to make its business relations aware of those obligations and of their consequences. The most important obligation under the Act is that a lawyer is required to report unusual transactions to the Dutch Financial Intelligence Unit. &#8230; <\/p>\n<div><a href=\"https:\/\/willems-schmidt.eu\/en\/money-laundering-and-terrorist-financing-prevention-act-of-the-netherlands\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ub_ctt_via":""},"featured_image_src":null,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Money Laundering and Terrorist Financing (Prevention) Act of the Netherlands - Willems Schmidt Advocaten &amp; Rechtsanw\u00e4lte<\/title>\n<meta name=\"description\" content=\"The Law on the Prevention of Money Laundering and Financing of Terrorism (Wwft) results in a number of obligations for lawyers. WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V. deems it important to point out its relations to those obligations and the consequences thereof. The most important obligation arising from the Wwft is the lawyer&#039;s obligation to report unusual transactions to the Dutch Financial Intelligence Unit. The objective of the Wwft is to maintain the integrity of the financial system by combating money laundering and (financing of) terrorism. In the (exceptional) case that WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte is of the opinion that it should report an unusual transaction, WILLEMS SCHMIDT cannot and may not inform the client or other relation thereof. A second important obligation is the identification and verification of clients. Lawyers must always identify the client and verify his identity prior to providing legal assistance regarding, for example, the purchase or sale of real estate or other registered property; managing money, securities, coins, notes, precious metals, precious stones or other values; the creation or management of companies, legal persons or similar bodies; the purchase or sale of shares in, or the full or partial purchase or sale or takeover of companies, partnerships, legal entities or similar bodies; tax activities; establishing a mortgage right on a property; and if they act on behalf and for the account of a client in any financial or real estate transaction. Sufficient identification is a condition for being able to provide legal services by WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/willems-schmidt.eu\/en\/wwft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money Laundering and Terrorist Financing (Prevention) Act of the Netherlands - Willems Schmidt Advocaten &amp; Rechtsanw\u00e4lte\" \/>\n<meta property=\"og:description\" content=\"The Law on the Prevention of Money Laundering and Financing of Terrorism (Wwft) results in a number of obligations for lawyers. WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V. deems it important to point out its relations to those obligations and the consequences thereof. The most important obligation arising from the Wwft is the lawyer&#039;s obligation to report unusual transactions to the Dutch Financial Intelligence Unit. The objective of the Wwft is to maintain the integrity of the financial system by combating money laundering and (financing of) terrorism. In the (exceptional) case that WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte is of the opinion that it should report an unusual transaction, WILLEMS SCHMIDT cannot and may not inform the client or other relation thereof. A second important obligation is the identification and verification of clients. Lawyers must always identify the client and verify his identity prior to providing legal assistance regarding, for example, the purchase or sale of real estate or other registered property; managing money, securities, coins, notes, precious metals, precious stones or other values; the creation or management of companies, legal persons or similar bodies; the purchase or sale of shares in, or the full or partial purchase or sale or takeover of companies, partnerships, legal entities or similar bodies; tax activities; establishing a mortgage right on a property; and if they act on behalf and for the account of a client in any financial or real estate transaction. Sufficient identification is a condition for being able to provide legal services by WILLEMS SCHMIDT Advocaten &amp; Rechtsanw\u00e4lte N.V.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/willems-schmidt.eu\/wwft\/\" \/>\n<meta property=\"og:site_name\" content=\"Willems Schmidt Advocaten &amp; Rechtsanw\u00e4lte\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/willemsadvocaten\/\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T15:20:03+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WillemsEU\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/willems-schmidt.eu\/#organization\",\"name\":\"Willems Advocaten & Rechtsanw\\u00e4lte\",\"url\":\"https:\/\/willems-schmidt.eu\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/willemsadvocaten\/\",\"https:\/\/www.linkedin.com\/company\/294010\/\",\"https:\/\/twitter.com\/WillemsEU\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/willems-schmidt.eu\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/willems-schmidt.eu\/wp-content\/uploads\/2017\/09\/Tekengebied-1@0.5x.png\",\"contentUrl\":\"https:\/\/willems-schmidt.eu\/wp-content\/uploads\/2017\/09\/Tekengebied-1@0.5x.png\",\"width\":960,\"height\":960,\"caption\":\"Willems Advocaten & Rechtsanw\\u00e4lte\"},\"image\":{\"@id\":\"https:\/\/willems-schmidt.eu\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/willems-schmidt.eu\/#website\",\"url\":\"https:\/\/willems-schmidt.eu\/\",\"name\":\"Willems Advocaten &amp; Rechtsanw\\u00e4lte\",\"description\":\"Willems Schmidt Advocaten &amp; Rechtsanw\\u00e4lte\",\"publisher\":{\"@id\":\"https:\/\/willems-schmidt.eu\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/willems-schmidt.eu\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/willems-schmidt.eu\/wwft\/#webpage\",\"url\":\"https:\/\/willems-schmidt.eu\/wwft\/\",\"name\":\"Money Laundering and Terrorist Financing (Prevention) Act of the Netherlands - Willems Schmidt Advocaten &amp; Rechtsanw\\u00e4lte\",\"isPartOf\":{\"@id\":\"https:\/\/willems-schmidt.eu\/#website\"},\"datePublished\":\"2018-02-19T14:04:21+00:00\",\"dateModified\":\"2023-04-26T15:20:03+00:00\",\"description\":\"The Law on the Prevention of Money Laundering and Financing of Terrorism (Wwft) results in a number of obligations for lawyers. WILLEMS SCHMIDT Advocaten & Rechtsanw\\u00e4lte N.V. deems it important to point out its relations to those obligations and the consequences thereof. The most important obligation arising from the Wwft is the lawyer's obligation to report unusual transactions to the Dutch Financial Intelligence Unit. The objective of the Wwft is to maintain the integrity of the financial system by combating money laundering and (financing of) terrorism. In the (exceptional) case that WILLEMS SCHMIDT Advocaten & Rechtsanw\\u00e4lte is of the opinion that it should report an unusual transaction, WILLEMS SCHMIDT cannot and may not inform the client or other relation thereof. A second important obligation is the identification and verification of clients. Lawyers must always identify the client and verify his identity prior to providing legal assistance regarding, for example, the purchase or sale of real estate or other registered property; managing money, securities, coins, notes, precious metals, precious stones or other values; the creation or management of companies, legal persons or similar bodies; the purchase or sale of shares in, or the full or partial purchase or sale or takeover of companies, partnerships, legal entities or similar bodies; tax activities; establishing a mortgage right on a property; and if they act on behalf and for the account of a client in any financial or real estate transaction. 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WILLEMS SCHMIDT Advocaten & Rechtsanw\u00e4lte N.V. deems it important to point out its relations to those obligations and the consequences thereof. The most important obligation arising from the Wwft is the lawyer's obligation to report unusual transactions to the Dutch Financial Intelligence Unit. The objective of the Wwft is to maintain the integrity of the financial system by combating money laundering and (financing of) terrorism. In the (exceptional) case that WILLEMS SCHMIDT Advocaten & Rechtsanw\u00e4lte is of the opinion that it should report an unusual transaction, WILLEMS SCHMIDT cannot and may not inform the client or other relation thereof. A second important obligation is the identification and verification of clients. Lawyers must always identify the client and verify his identity prior to providing legal assistance regarding, for example, the purchase or sale of real estate or other registered property; managing money, securities, coins, notes, precious metals, precious stones or other values; the creation or management of companies, legal persons or similar bodies; the purchase or sale of shares in, or the full or partial purchase or sale or takeover of companies, partnerships, legal entities or similar bodies; tax activities; establishing a mortgage right on a property; and if they act on behalf and for the account of a client in any financial or real estate transaction. 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Lawyers must always identify the client and verify his identity prior to providing legal assistance regarding, for example, the purchase or sale of real estate or other registered property; managing money, securities, coins, notes, precious metals, precious stones or other values; the creation or management of companies, legal persons or similar bodies; the purchase or sale of shares in, or the full or partial purchase or sale or takeover of companies, partnerships, legal entities or similar bodies; tax activities; establishing a mortgage right on a property; and if they act on behalf and for the account of a client in any financial or real estate transaction. 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