Dutch export credit agency: ample opportunity for money laundering and tax avoidance
Press Release
Dutch export credit agency Atradius DSB provides ample opportunity for money laundering and tax avoidance.
A structural lack of control on the part of Dutch export credit agency Atradius Dutch State Business (DSB) gives leeway to its customers and their partners to launder money and dodge taxes. This is the main conclusion of the study ‘Cover for What?’ done by researchers of the Dutch NGO Both ENDS. Displaying this lack of control Atradius, which is working exclusively for the Dutch State, undermines policies designed by the very Dutch State to counteract money laundering and tax evasion. The study shows three transactions backed by Atradius in which multinationals choose a seat in tax havens and handle affairs from there, using non-transparent business structures. Atradius does nothing to counter these strategies. The lack of control displayed by Dutch ECA Atradius might very well apply to similar export credit agencies in other countries.
Excluse export support in case of lack of transparancy
Wiert Wiertsema, researcher of Both ENDS: "It's obviously very strange that an organisation like Atradius DSB, fueled with Dutch tax money, does nothing to prevent possible tax evasion or money laundering. Export credit insurance for unclear transactions through tax havens contributes to less tax revenue in the Netherlands, but also in the countries the Dutch exports are going to. The government should support export but should exclude any company whose owner is not public."
Final beneficiary sometimes unknown
Atradius DSB had a portfolio of 16.6 billion euros in 2012 and insured transactions of hundreds of companies active around the world in recent years. In the three cases investigated by Both ENDS, companies are doing business with a tangle of third parties including shell companies in tax havens. Sometimes it is not even clear who is the ultimate beneficiary of the transaction. Possible money laundering and tax evasion practices are not being monitored. There is a strong suspicion that these practices do not differ from those of other export credit agencies around the world.
More monitoring
Both ENDS reminds export credit agencies of their responsibility in cases of transactions that possibly involve money laundering and/or tax avoidance and calls to end export credit insurance for transactions through tax havens. Should transactions in and through tax havens occur, they should be severely scrutinized and the companies involved should be obliged to clearly report in which countries they do business and how much tax they pay. The ultimate beneficiaries of all transactions backed by export credit agency should be made public at all times. Export credit agencies, like all financial institutions, should comply to the legal obligation to report suspicious transactions to responsible investigative financial or tax authorities.
The study Cover for What?
Read more about this subject
-
News / 6 July 2026Strengthening Women's Land Rights Across the Rio Conventions
From 29 June – 2 July 2026, Tamara Mohr, GAGGA coordinator at Both ENDS participated in the 4th convening of the Women's Land Rights Initiative (WLRI) in Nairobi, Kenya.Hosted by the Robert Bosch Stiftung, TMG Research and the Huairou Commission, the event brought together grassroots organisations, (inter)national NGOs, government institutions and donors from around the world.
-
Publication / 3 July 2026
-
Dossier /Communities Regreen the Sahel
In various countries in the Sahel, vast tracts of land have been restored by the local population by nurturing what spontaneously springs from the soil and protecting the sprouts from cattle and hazards.
-
News / 2 July 2026Land restoration can help mitigate and resolve conflict - but only if everyone has a seat at the table
Can restoring degraded land also help reduce conflict? According to experts from Niger, Ghana, the Netherlands and other regions, the answer is yes - but only when restoration is rooted in inclusive land governance, local ownership and social cohesion.
-
Dossier /Gas in Mozambique
In 2011 one of the world’s largest gas reserves was found in the coastal province of Cabo Delgado, in the north of Mozambique. A total of 35 billion dollars has been invested to extract the gas. Dozens of multinationals and financiers are involved in these rapid developments. It is very difficult for the people living in Cabo Delgado to exert influence on the plans and activities, while they experience the negative consequences. With the arrival of these companies, they are losing their land.
-
Dossier /Finance for agroecology
The lion's share of public budgets for climate, agriculture and development still goes to conventional agroindustrial projects that contribute to the current climate, food and biodiversity crises. Both ENDS and our partners are calling for a transition to agroecological practices that are people- and environment-friendly.
-
Dossier /Trade agreements
International trade agreements often have far-reaching consequences not only for the economy of a country, but also for people and the environment. It is primarily the most vulnerable groups who suffer most from these agreements.
-
Publication / 18 June 2026
-
Publication / 12 May 2026
-
Press release / 12 May 2026UN report warns of a growing sand crisis - The Dutch dredging sector plays a key role in global sand extraction
GENEVA/UTRECHT, 12 May 2026 – A new report by the United Nations Environment Programme (UNEP), Sand and Sustainability: An Essential Resource for Nature and Development, warns that global demand for sand is exceeding ecological limits. Large-scale extraction of sand from marine and coastal ecosystems is leading to biodiversity loss, damage to coastal communities and increasing risks in an era of climate change. Dutch dredging companies play a prominent role in this as global market leaders in large-scale sand extraction and land reclamation. “Our analyses show that the dredging sector operates globally within a system in which ecological damage and the consequences for coastal communities are systematically underestimated, whilst transparency and effective oversight are often lacking,” says the Dutch environmental and human rights organisation Both ENDS, which contributed to the report.
-
News / 14 April 2026New report: Phasing out ISDS in the Netherlands: a roadmap
Today, Both ENDS and SOMO are publishing the report Phasing out ISDS in the Netherlands: a roadmap. In the report, we highlight the Netherlands’ role in the ISDS system and offer practical guidance on phasing out ISDS.
-
Dossier /Rights for People, Rules for Corporations – Stop ISDS!
Indigenous communities in Paraguay saw their attempts to regain their ancestral lands thwarted by German investors. In Indonesia, US-based mining companies succeeded to roll back new laws that were meant to boost the country’s economic development and protect its forests. This is the level of impact that investment treaties can have on social, environmental and economic development and rights. Why? Because of the ‘Investor-to-State Dispute Settlement’ clauses that are included in many such treaties.
-
Publication / 14 April 2026
-
Publication / 10 April 2026
-
News / 10 April 2026Both ENDS: strengthened FMO complaints mechanism is a step forward, but major gaps remain
Both ENDS welcomes the strengthened Independent Complaints Mechanism (ICM) of development finance institutions FMO, DEG and Proparco as an important step forward in accountability. Working directly with communities affected by development projects, we see daily how essential it is that people can access justice when they are harmed in the name of development. For many communities, this mechanism is one of the few avenues through which harm can be formally recognised and addressed in relation to these development banks.
-
News / 9 April 2026Minister Sjoerdsma hosts roundtable conversations with civil society
This week, Minister Sjoerdsma organized roundtable conversations with civil society organizations – a valuable initiative that brings together Dutch civil society voices to address critical challenges faced by democratic societies.
-
News / 26 March 2026New project: Climate Accountability in EU Trade
Through its new project “Climate Accountability in EU Trade: Testing the SEP and DAGs for Climate-Linked FTA Enforcement” Both ENDS, with support from the European Climate Foundation, is exploring how the European complaints mechanism (SEP) and Domestic Advisory Groups (DAGs) can be more effectively used to advance climate accountability. The project runs for 13 months, until end of 2026.
-
News / 24 March 2026Statement: Invest in local leadership for tropical forest management and local economies
IUCN-NL, Both ENDS, and 16 other Dutch and international civil society organizations (CSOs), networks, and expert groups are calling on the Dutch government to invest more strongly in locally led forest management and forest-based economies. This should be done within the framework of Dutch international cooperation and its associated policy instruments.
-
News / 19 March 2026Winners of the ILED ‘Women Are Educators Award’ announced
Our partner organisation ILED (Indigenous-led Education Network) announced the seven winners of the ILED ‘Women Are Educators Award’ this month. These are women who play extraordinary roles in passing on knowledge, whether in formal or informal educational settings.
-
Dossier /Global Alliance for Green and Gender Action (GAGGA)
GAGGA rallies the collective power of the women's rights and environmental justice movements to realize a world where women can and do access their rights to water, food security, and a clean, healthy and safe environment.
