15-10-2009 Change in fine amounts pursuant to Wfbb

On 1 August 2009, the Wet wijziging boetestelsel financiële wetgeving (Boetewet) [Act amending the penalty system under financial legislation (Penalty Act)] and the Besluit bestuurlijke boetes financiële sector (Boetebesluit) [Decree on Penalties] came into force. As a consequence, the fine amounts pursuant to the Wet financiële betrekkingen buitenland 1994  or Wfbb [External Financial Relations Act] were changed. The base amount of an administrative fine to be imposed if the balance of payments reports are not submitted, or not in time or not truthfully submitted, has been raised to EUR 10,000. If the offence was committed within five years following imposition of an administrative fine to an offender for the same offence, the amount is doubled to EUR 20,000. This fixed fine amount may only be reduced in consideration of financial strength, the proportionality principle and special circumstances.