Another Dutch Trust Fund Busted

6th February 2007, Comments 0 comments

6 February 2007, AMSTERDAM — The National Criminal Investigation Service raided the office of First Alliance Trust on Tuesday morning, De Volkskrant reports. Several of the trust fund’s managers were arrested. They are suspected of money laundering, document forgery and concealment.

6 February 2007

AMSTERDAM — The National Criminal Investigation Service raided the office of First Alliance Trust on Tuesday morning, De Volkskrant reports. Several of the trust fund’s managers were arrested. They are suspected of money laundering, document forgery and concealment.

Another raid took place at the company’s second office located in the prestigious office building of Amsterdamse Zuidas on the city ring road.

The national Prosecutor’s Office has confirmed that an investigation is under way into the activities of First Alliance Trust.

First Alliance Trust (FAT) is suspected in having been involved in the Turkish Kent Bank case, when millions of euros vanished. A bank with an international fiscal structure is thought to have been utilised in the crime. The Dutch FAT, providing both financial and fiscal services and employing over fifty people at its branches in eight countries, is a possible party in question.

Tuesday’s raid brings similar operations linked to Parmalat and Enron back to mind. Both had also used Dutch untrustworthy trust funds.

Holland has over 130 certified trust funds, which unite over twenty thousand smaller letter-box companies from all over the world. In 2006 more such companies opened, thanks to the favourable Dutch company tax laws.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

0 Comments To This Article