At CoLegal, the Money Laundering and Terrorist Financing (Prevention) Act (Wet ter voorkoming van money laundering en financieren van terrorisme: the Wwft) is applicable. Lawyers who provide services which fall under the Wwft are obliged to commence a client investigation and are under a reporting obligation in order to report an (intended) unusual transaction to the Financial Intelligence Unit the Netherlands (FIU-Nederland). The Wwft is not applicable to lawyers insofar as they perform work for a client concerning the determination of its legal position, its representation and defence in legal action, providing advice before, during and after legal proceedings or providing advice on the instituting or preventing legal action (article 1, paragraph 2).
The services of CoLegal largely fall within the scope of this so-called ‘proceedings exemption’. In the event the Wwft is applicable to the services, CoLegal will point this out to you. In that case, CoLegal is under the statutory duty to initiate a client investigation and to report any (intended) unusual transactions to the Financial Intelligence Unit – Netherlands (FIU-Nederland) (without informing you thereof).