News

The Dutch financial intelligence unit and the largest banks in the Netherlands have found that crime syndicates are integrating large volumes of cash into the country's economy through "labor-intensive" sectors that rely on undeclared workers. The "cash compensation model," according to FIU-Netherlands, consists of "rogue" subcontractors in sectors such as parcel delivery, healthcare and construction who employ undeclared workers—or keep a portion of their earnings off the books—partnering with crime syndicates seeking to offload physical currency. Previously, unscrupulous firms could pay their employees under the table with cash withdrawn from their corporate accounts, but banks familiarized themselves with the strategy...