Finance Minister Sigrid Kaag defended the plan to monitor all transactions of 100 euros or more. This is in the interest of people who feel that their privacy is at stake, but according to the minister it is necessary to prevent money laundering and terrorist financing.
How did this discussion come about?
There is much discussion about the Money Laundering and Terrorist Financing Act. “The goal seems indisputable. Everyone thinks this is money laundering [en terrorisme] must be addressed,” says political reporter Roel Schreinemachers in the RTLZ program. “Only the path is the subject of many discussions.”
Originally there was a plan for 2019, which was criticized by the State Council and the Dutch Data Protection Authority. The cabinet has amended that version and that proposal is now before the Chamber of Deputies. “A lot of attention is paid to it [aan het monitoren van transacties vanaf 100 euro]but the banks are already doing that,” explains Kaag.
“Banks do it from 0 euros”
It may come as a surprise to many, but Kaag explains that banks already monitor all transactions. This is done from an amount of 0 cents. “This very important fact is often overlooked,” says Kaag. Later she even says this is a “must”. It is not clear from whom in the RTLZ fragment.
Kaag defends this method of supervision with the following argument: “We want banks to cooperate, because money launderers in particular use small transactions.”
According to the minister, money launderers are very smart about these small transactions and “they sharpen the illegal and criminal cycle, with all the consequences that entails”.
According to Kaag, this limit of 100 euros has already been proven by studies, but it can still change. “We must achieve the goal effectively while remaining customer-oriented and not intentionally or unintentionally contributing to money laundering or terrorism.”
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Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
