The Fiscal Information and Investigation Service (FIOD) of the Netherlands has published its Annual Report for 2021. This report underscores the FIOD’s achievements in detecting financial crime in 2021, with particular focus on crimes of digital and international nature. Highlights from the report are discussed below.
In 2021, the FIOD effectively adopted smart technology and data analysis, alongside traditional means, to detect financial crime. The authority completed more than 900 criminal investigations, covering transactions worth over €520 million ($590m).
The FIOD acknowledges the importance of inter-agency cooperation in fighting organized crime. To this end, the FIOD frequently collaborates regionally, nationally as well as internationally with government partners and private parties. In fact, to counter digitally orchestrated organized crime, involving the use of cryptocurrency, crypto service providers and international money laundering schemes to rapidly move money across borders, the FIOD has access to large amounts of decrypted cryptocurrency data from the police. It uses this data to extract information about criminal cryptocurrency transactions. Indeed, in 2021, the FIOD used decrypted cryptocurrency data to seize over 25 million euros worth of cryptocurrencies in several criminal investigations.
Also in 2021, the FIOD conducted several investigations into fraud involving personal protective equipment (PPE), trade in forged COVID-19-free declarations and abuse of COVID-19 relief measures. In such investigations, the FIOD focused on identifying patterns in the methods and techniques that criminal organizations use to commit financial aid fraud.
Another major feat for the FIOD in 2021 was its investigation of a major Dutch bank for years of violation of the country’s AML/CFT law. This investigation, along with three others, earned the treasury more than €520 million ($590m) in 2021.
Source: Fiscal Information and Investigation Service, Netherlands
