{"id":492,"date":"2018-07-17T14:14:39","date_gmt":"2018-07-17T14:14:39","guid":{"rendered":"https:\/\/lubbers.nl?page_id=492"},"modified":"2018-07-17T14:14:39","modified_gmt":"2018-07-17T14:14:39","slug":"reporting-and-inspection-wwft","status":"publish","type":"page","link":"https:\/\/lubbers.nl\/en\/reporting-and-inspection-wwft\/","title":{"rendered":"Reporting and inspection under the Money Laundering and Terrorist Financing (Prevention) Act (WWFT)"},"content":{"rendered":"<p><strong>7.1 The Money Laundering and Terrorist Financing (Prevention) Act (WWFT)<\/strong><\/p>\n<p>Some forms of services provided by (junior) civil-law notaries, lawyers, tax advisors, (registered)accountants and real estate agents fall under the scope of the Money Laundering and Terrorist Financing (Prevention) Act (WWFT).<\/p>\n<p>&nbsp;<\/p>\n<p>Under the WWFT, the aforesaid service providers are obliged to conduct client investigations whenever they are asked for advice or assistance in the following cases:<\/p>\n<ul>\n<li>the purchase or sale of immovable property;<\/li>\n<li>the management of funds, securities or other monetary values;<\/li>\n<li>the incorporation or management of companies, legal persons or similar entities;<\/li>\n<li>the purchase or sale or acquisition of companies;<\/li>\n<li>specific tax-related actions.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>One component of a client investigation consists of identifying the client and verifying the correctness of that identity. The identity of natural persons is ascertained by means of a valid identification document. This can be done in person at our offices or at the offices of another firm of civil-law notaries. If done by another firm, that firm can charge a fee for the service it provides.<\/p>\n<p>&nbsp;<\/p>\n<p>In the case of legal persons, the ultimate stakeholder will also have to be identified. This is also referred to as the &#8216;Ultimate Beneficial Owner&#8217;, or UBO. The WWFT defines an UBO as follows:<\/p>\n<ul>\n<li>A natural person who retains an interest of more than 25% in the capital sum or who can exercise more than 25% of the voting rights at the general meeting of shareholders of any legal entity other than a foundation, or who can otherwise factually exercise control over those legal entities, unless the legal entity in question is a listed company.<\/li>\n<li>A beneficiary of 25% or more of the capital of a foundation or a trust, or a person with special control of 25% or more over the assets of a foundation or a trust.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>In most cases, the identity of a UBO can be ascertained through the issuance of a statement from the client in question concerning the person in question and the correctness of the identity.<\/p>\n<p>In such cases, we are obliged to request the aforesaid details from you prior to providing our services.<\/p>\n<p>&nbsp;<\/p>\n<p>Under the WWFT, civil-law notaries have a duty to report to the Dutch National Criminal Intelligence Service, Financial Intelligence Unit the Netherlands, if they are asked to provide a service that is suspected to be linked to money laundering and\/or the financing of terrorism. The fact that such reporting takes place may not be disclosed to the client in question.<br \/>\nIf you would like to receive more Information about the enforcement of WWFT within our office, please contact one of our civil-law notaries or other members of staff.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>7.1 The Money Laundering and Terrorist Financing (Prevention) Act (WWFT) Some forms of services provided by (junior) civil-law notaries, lawyers, tax advisors, (registered)accountants and real estate agents fall under the scope of the Money Laundering and Terrorist Financing (Prevention) Act (WWFT). &nbsp; Under the WWFT, the aforesaid service providers are obliged to conduct client investigations &#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/pages\/492"}],"collection":[{"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/comments?post=492"}],"version-history":[{"count":1,"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/pages\/492\/revisions"}],"predecessor-version":[{"id":493,"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/pages\/492\/revisions\/493"}],"wp:attachment":[{"href":"https:\/\/lubbers.nl\/en\/wp-json\/wp\/v2\/media?parent=492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}