Compliace Articles

GDPR – THE ESSENCE AND PARTICULARITIES

The General Data Protection Regulation (GDPR) came into effect on 25 May 2018 after being adopted in April 2016. It creates a single European legal framework in personal data collection and processing standards and supersedes all the previous legislation on this matter such as Wet bescherming persoongegevens – old Dutch data protection law which was repealed on the same date the GDPR came into effect. The importance of GDPR is that the data can now be transferred around Europe under...

BREXIT IN THE CONTEXT OF THE CUSTOMS UNION

In the early summer 2018 the United Kingdom the parliamentary discussions intensified on certain aspects of Brexit. They revolve around the plans of Great Britain to leave the European Union Customs Union as well as the single market, which allows some non-EU countries to benefit from the customs union’s advantages. As the announced date of Brexit is coming closer the debates go about the future of trade and border arrangements between the UK and the EU. Will there no...

CURRENT DEVELOPMENTS OF CRYPTOCURRENCIES’ REGULATION IN EUROPE

In less than one decade we have witnessed a steep rise of the whole new market, which from an instrument of exchange in narrow IT-communities developed into a financial instrument competing with more traditional ones in interest and agitation. The attention cryptocurrencies get does not always come from potential investors, participants of the market or IT and financial experts – but also from the states and their financial regulatory agencies, ministries and intergovernmental organizations. And those are the powers...

NEW ANTI-MONEY LAUNDERING DIRECTIVE AND CONSEQUENCES OF ITS IMPLEMENTATION FOR THE NETHERLANDS

On May 2015 the Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (also known as 4th (AML) Directive) was adopted, but the EU Member States were given a two-year period for bringing their legislation into compliance with this Directive, and to take additional measures for the purpose of battling money laundering and terrorist financing. This had to be done by 26 June 2017. Due to the...