Tim Zijderveld

The Rotterdam District Court has handed down 2 judgments concerning exports of sanctioned computer goods and software that breach EU Russia sanctions: in the 1st, the defendant was convicted on charges of EU sanctions breaches and sentenced to 450 days in prison, an 11 month suspended sentence, and community service the Court ordered the confiscation of the proceeds of crime amounting to €1,924,579 from the defendant’s company. The defendant sold computers and electronics to Russian companies before additional sanctions measures were introduced in February 2022. The defendant then sent shipments to companies in Kazakhstan, Kyrgyzstan and Uzbekistan, and said he did not know he had breached sanctions due to the complexity of legislation, and the goods did not end up in Russia. The Court found he had knowingly breached sanctions and the EU Russia regulations did not require proof that goods ended up in Russia, he had been informed by his customs agent that his actions breached Russia sanctions, and he had used photoshop to alter contracts between his company and the Russian entities to make it appear that the goods did not enter Russia. #TürkiyeTradeCompliance #ExportControlTürkiye #TurkeySanctionsUpdate #USATradeSanctions #OFACRegulations #TurkishExports #EconomicSanctions #TradeComplianceTürkiye #GlobalTradeCompliance #EUTradeRelations #TurkishEconomy2024 #SanctionsCompliance #EconomicSecurityTürkiye #TradePolicyTürkiye #GlobalSanctionsNews

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📢Netherlands Expands Electronic Filing in iXBRL for the Trade Register 📢 Our colleagues from the XBRL Netherlands community have highlighted an important update and consultation. Starting from the financial year 2025, all legal entities in the Netherlands will be required to electronically file their annual accounts via Standard Business Reporting (official SBR company page) with the trade register of the Kamer van Koophandel (Dutch Chamber of Commerce). The Decree on Electronic Filing for the Trade Register will be amended in 2024 to facilitate this shift, aligning with the ongoing digitalisation of our society and promising increased efficiency and innovation. Key Changes: 🔹Scope Expansion: Previously exempt categories, such as large enterprises and medium-sized subsidiaries, will now be included in the electronic filing requirement. 🔹Efficiency and Accuracy: Electronic filing enables automated processing, enhancing the accuracy and speed of the filing process. 🔹Transition Period: To ensure a smooth transition, a one-year voluntary filing period will begin in 2025 for the financial year 2024. To support this transition, various documents are open for consultation, with feedback welcomed until October 31, 2024. These documents include guidelines on the SBR Agreement Framework, sample annual accounts, and relevant XBRL taxonomies. This move marks the culmination of a multi-year digitalisation effort, aligning with European regulations on electronic data submission, such as sustainability reporting. For more details and to provide feedback, please visit the consultation documents: https://lnkd.in/dX66SVRJ . Since this is an iXBRL requirement, CoreFiling can assist with our tools and expertise. Let's embrace this digital transformation together! https://lnkd.in/deAyExZB #DigitalTransformation #ElectronicFiling #Innovation #Efficiency #AnnualAccounts #RegulatoryCompliance #Netherlands #FinancialReporting #sustainability #CSRD

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The Dutch prosecution service is seeking a 24-month prison sentence for a defendant accused of sanctions violations and a court order to forfeit his company stock and confiscate any profits arising from the violations. The defendant is said to have traded dual use computer components to 2 Russian companies in breach of EU Russia sanctions and to have forged documents to conceal that he was trading with Russia. He was arrested in July 2023 and received permission to continue trading pending the outcome of his trial in May 2024. #Sanctions #Russia #EUCommission #ExportControl #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness

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❗️All existing (sub)licensees holding a Curaçao license from a Master Licensor under the old regime must (i) register through the regulator’s portal and (ii) apply for a LOK license by April 30, 2024. Sub-licensees operating under a transitional NOOGH ‘Master’ license must cease operations 9 months after LOK enactment. By September 2024, all exemptions to the LOK will end, ensuring all active iGaming activities either operate under the new LOK license or cease immediately.The LOK license fee and application process are yet to be clarified by the Curaçao regulator. However, substantial fee increases are expected by September 2024, prompting operators to consider other jurisdictions, such as Anjouan. Despite these changes, Curaçao remains a key player in the global online gaming industry. Follow us for more updates on online gaming laws. LOK license: The new licensing category introduced by the Curaçao Gaming Control Board, replacing the previous licensing structure. NOOGH: Refers to the transitional ‘Master’ license category previously used for online gaming operators before the new LOK license system was implemented. https://lnkd.in/eq5Sxhr6 GambleAware Curacao eGaming eGamingCuraçao SteelRose Legal Our Standard T&Cs Apply To be continued in the comments below 👇 #CuraçaoGaming #LOKLicense #CuraçaoOnlineGaming #GamingRegulation #iGamingUpdates #CuraçaoiGaming #OnlineGambling #GamingIndustryNews #CuraçaoCasino #SubLicense #GamblingLaw #CuraçaoRegulator #iGamingCommunity #TransitionalLicensing #CuraçaoBusiness

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In an effort to further harmonise standards for punishing the violations of its sanctions and embargoes, the European Union has rolled out Directive (EU) 2024/1226 on the definition of criminal offences and penalties for the violation of Union restrictive measures and amending Directive (EU) 2018/1673. The Directive was published in the Official Journal on 29 April 2024 and entered into force on 19 May 2024.   The Directive still needs to be transposed into the national legislation of the member states – which in Germany will mean that both natural persons and companies will face considerably stricter penalties, including significantly higher fines. As a last resort, businesses may even be wound up by court order. Read the full article here: https://lnkd.in/emndamKd Dr. Christoph Skoupil | Dr. Eike Bicker | Jacob von Andreae | Felix Wrocklage | Dr. Eva Koch #EU #criminalprosecution #sanctions #sanctionsviolation

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Feasibility study for a European asset registry in the context of the fight against money laundering and tax evasion 👇🏻 The study first defines a list of assets relevant for money laundering and tax evasion, then maps existing asset registries, identifies gaps and provides a feasibility assessment of three potential scenarios from an operational, legal, and IT perspective. Identified by 112wwft.nl -- To uncover a crime is to prevent another! 🕵🏼‍♀️

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🚨 Update on NCTS Phase 5 (DVA) - NL 🚨 The preparations for NCTS Phase 5 (DVA) are nearly complete. Unfortunately, Dutch Customs is currently facing a priority 1 disruption in message traffic, which is unrelated to NCTS Phase 5. The cause is known, and efforts are underway to resolve it. As a result, Customs have had to decide not to implement NCTS Phase 5 (DVA) today, meaning that the extended opening hours for today will be canceled. The go-live will start once the priority 1 disruption is resolved. The emergency procedure may be used until tomorrow morning (30/10) at 09:00. Stream Software will not activate communication to DVA today. Tomorrow, upon the conclusion of the emergency procedure, we will ensure that communication can be activated so you can start submitting. Until then, we want to emphasize that submissions are not possible, and messages may be lost. For more information, please keep an eye on the news feed of Dutch Customs; Nieuws | Nationale Helpdesk Douane (NHD) Stay patient everyone! #NCTSPhase5 #DVA #Customs #Update #StreamSoftware

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In other news this week: Utrecht’s Happybase bags €650K, Themis secures €8.7M to combat financial crime, SNIPR Biome gets €20M from EIB and more: In this fast-paced world of technology, startups, and scale-ups, covering every single story can be challenging.  Numerous startups pop up every day! And existing startups/scale-ups find ways to rise to new heights. We at Silicon Canals strive to provide our audience with the most up-to-date news, uncovering the latest funding rounds, acquisitions, and innovative developments ... Read more #Startups #Funding #TechNews

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From court rulings to asset auctions, we cover every step of the process to ensure you’re informed and empowered. 💡 ✅ What enforcement procedures are and when they apply ✅ The role of the bailiff in ensuring compliance ✅ Assets that can be subject to enforcement ✅ Rights and obligations of both creditors and debtors

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📣 Dieseko Group B.V. Accepts €1.78 Million Settlement for Sanctions Violations On July 11, 2024, Dieseko Group B.V. accepted an out-of-court settlement with the Dutch Public Prosecution Service (OM), paying €1,780,000 for violating international trade sanctions by supplying machinery for the construction of the Crimean Bridge. 🚨💵 This includes a €180,000 fine and €1,600,000 for illicit gains. Investigations revealed that Dieseko sold equipment and provided technical assistance for the bridge in 2015-2016, contravening EU sanctions imposed after Russia's annexation of Crimea. ✅ Dieseko acknowledged the violations, cooperated fully, and implemented preventive measures. The OM has also concluded investigations into other companies involved in the Crimean Bridge construction. Original source 👉: https://lnkd.in/gkgNvdd2 #Netherlandsanctions #sanctionsupdate #sanctionscompliance #SanctionsViolation #CrimeanBridge #EUCompliance #Crimea

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The Ministry of Finance has proposed a new Law on Credit Servicers and Credit Purchasers which is currently under public consultation. This will be a transposition of the EU Directive 2021/2167 (also known as the “NPL Directive”) into national legislation and with the deadline for transposition already far behind, Cypriot authorities are racing towards due implementation. Read our new article on this at https://lnkd.in/dk38UuB7

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⚠️ 🇪🇺 DSA Update 👀 The European Commission has adopted the Implementing Regulation concerning transparency reporting obligations for providers of intermediary services under the DSA. The Implementing regulation standardises the format, content, and reporting periods for transparency reports. Key points include: ➡️ Providers will have to start data collection as of 1 July 2025, with the first harmonised reports due beginning of 2026. ➡️ The reporting periods for intermediary services, hosting services, and online platforms will cover 1 January until 31 December. ➡️ The reporting periods for VLOPs and VLOSEs will cover periods from 1 January until 30 June and 1 July until 31 December. ➡️ Providers will also have to submit SORs according to new requirements starting from 1 July 2025, by when the data categorised for the DSA Transparency Database will align with the transparency reporting requirements. 🤔 Uncertain on how this will impact your service, reach out to us at [email protected] 📨 🔗 https://lnkd.in/e-yqZz3m

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UBO REGISTER UPDATE On December 6, 2024, the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024, also known as L.141(I)/2024, introduced several key updates: - Penalties for failing to file the UBO Register are now applicable only to the legal entity itself. Directors and secretaries will not be penalized individually but may be held jointly and/or severally liable with the company for penalties. - Revised Penalties: - The initial omission incurs a €100 penalty, reduced from €200. - An additional €50 fine applies for each further day of violation, reduced from €100, with a maximum fine capped at €5,000, down from €20,000. - New provisions allow the Registrar of Companies to: - Strike off a legal entity from the Registry if it fails to meet UBO Register filing obligations. - Issue Directives for administrative review procedures or objections against penalties. - Apply to the Court for injunctions to enforce compliance with obligations from article 61A of the Prevention and Suppression of Money Laundering Activities Law 188(I)/2007. Extension and Withdrawal of Financial Charges: On December 16, 2024, the Department of the Registrar of Companies and Intellectual Property announced an additional extension for the deadline for filing the UBO Register, now set for January 31, 2025. An extension for the UBO Register data confirmation process has also been granted until March 31, 2025. Following these arrangements, the Department has decided to withdraw all penalties imposed thus far and refund any amounts already paid. Please feel free to reach out if you have any questions at [email protected]

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🌟 UNDERSTANDING CURAÇAO’S NEW UBO REGISTRATION DECREE 🌟 The National Decree on Ultimate Beneficial Owner (#UBO) registration, known in Dutch as "Landsbesluit UBO-registratie", was published on June 4, 2024. This decree mandates the establishment of a UBO registry for entities based in #Curaçao. It includes detailed registration requirements, submission procedures, and penalties for non-compliance, aiming to enhance the integrity of Curaçao's financial system and contribute to the global fight against financial crime. 🔗 Read more here https://lnkd.in/e9ES3TQu #FinancialCompliance #FinancialIntegrity #Regulation #Compliance

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Tornado Cash co-founder convicted of laundering $1.2 billion by Dutch court. Why it matters: Why it matters: 1. Alexey Pertsev’s sentencing sets a significant precedent for how courts may handle anonymizing cryptocurrency services, balancing privacy rights and financial oversight. 2. The use of Tornado Cash by North Korea's Lazarus Group to launder funds underscores the critical intersection of cybersecurity and global security concerns. 3. The court's decision challenges the argument that crypto mixers are neutral tools, which may lead to increased scrutiny and regulation of similar services. Learn more by visiting The Record from Recorded Future News: https://lnkd.in/e9qe2wsX

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