The Dutch trust sector is looking to restore confidence in their industry. After the Panama Papers, confidence in the trust sector took a nosedive, and since then, the sector has often been associated with tax evasion and money laundering. According to the Dutch trust offices, this has to change quickly. More cooperation between all parties involved in the trust process is needed to prevent excesses.
During the Tech & Trust Summit in the Circl building of ABN Amro, Jan van der Kolk, chairman of Holland Quaestor, said the sector is working hard to improve itself. We are striving to improve our internal processes. We know our customers well, but a good system in which we can select the right data is still lacking.
According to André Nagelmaker of TMF Group, parties should be able to monitor each other. Technology can play an important role in solving the tension between privacy and supervision.
Read the full publication in the FD here.
Watch the recap of Tech & Trust Summit below: