News

Financial institutions in the Netherlands flagged hundreds of thousands of transactions as "unusual" last year solely because they involved nations on an EU money-laundering blacklist, but fewer than 1 percent of those additional filings contained potential evidence of criminality. The deluge of additional unusual transaction reports, which banks and other financial institutions submitted in line with a rule the Netherlands now wants to scrap, overwhelmed the analytical capacity of the country's financial intelligence unit, or FIU, and played a large role in the total amount of reports doubling from 2017 to last year. Only 222 of the roughly 358,000 filings...