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You should Google and read up on 'Wwft' (Dutch law). You wouldn't want to go from VAT troubles to terrorism financing or money laundering troubles with that sam

by wjnc 9y ago

You should Google and read up on 'Wwft' (Dutch law). You wouldn't want to go from VAT troubles to terrorism financing or money laundering troubles with that same tax office. No intention of stirring up troubles in this thread and congrats on having your problem solved!, but large gifts of unknown / foreign origin can get a lot of attention. Especially if it goes across many countries. So it seems wise to have the sponsor checked out. Your bank and accountant will probably ask the same question at a certain point in time.

syshum 9y ago
When ever I think the US Legal System has to be the most insane system ever, I simply look up EU Laws and cases and then realize how much better the US system is even with all its screwed up flaws... The idea that Accepting an donation from PIA could be even remotely considered money laundering or terrorism financing is beyond insane to me
- wjnc 9y ago
  I would agree that the laws surrounding money laundering and terrorism financing in the EU are pretty heavy handed. An example: a financial firm is to check the UBO (ultimate benificiary owner, i.e. the real person involved) at the other end of the deal, for all counterparties. You also should check for PEPs (politically exposed persons), which can be all kinds of things (think family members of notorious regimes). The thing is, for terrorism governments supply watchlists, for PEPs they don't. So most institutions use PEP-lists that they procure elsewhere, but don't really manage. So that's where funny things happen. These are laws where compliance is pretty hard to do guarantee. In this case you getting a €20k financing from a UK-firm, with a (his responses are now downmodded, but that part was probably true) UBO that is pretty mindfull of his privacy and the whereabouts of his money you can't follow. You use that money to finance a particular Russian contractor, via a Dutch foundation. I don't think being compliant should be awefully hard, although it would entail some work. Note that the compliancy should fall on the bank, accountant and perhaps notary involved. I just added the reply to give Boudewijn a heads-up to be mindful. All of this doesn't stop Dutch banks from financing coffeeshops with their roots massively in the locally illegal growing of cannabis. So go figure about the impact of these laws...

by wjnc 9y ago

syshum 9y ago

When ever I think the US Legal System has to be the most insane system ever, I simply look up EU Laws and cases and then realize how much better the US system is even with all its screwed up flaws... The idea that Accepting an donation from PIA could be even remotely considered money laundering or terrorism financing is beyond insane to me

wjnc 9y ago
I would agree that the laws surrounding money laundering and terrorism financing in the EU are pretty heavy handed. An example: a financial firm is to check the UBO (ultimate benificiary owner, i.e. the real person involved) at the other end of the deal, for all counterparties. You also should check for PEPs (politically exposed persons), which can be all kinds of things (think family members of notorious regimes). The thing is, for terrorism governments supply watchlists, for PEPs they don't. So most institutions use PEP-lists that they procure elsewhere, but don't really manage. So that's where funny things happen. These are laws where compliance is pretty hard to do guarantee. In this case you getting a €20k financing from a UK-firm, with a (his responses are now downmodded, but that part was probably true) UBO that is pretty mindfull of his privacy and the whereabouts of his money you can't follow. You use that money to finance a particular Russian contractor, via a Dutch foundation. I don't think being compliant should be awefully hard, although it would entail some work. Note that the compliancy should fall on the bank, accountant and perhaps notary involved. I just added the reply to give Boudewijn a heads-up to be mindful. All of this doesn't stop Dutch banks from financing coffeeshops with their roots massively in the locally illegal growing of cannabis. So go figure about the impact of these laws...