The fraud squad have raided the offices of First Alliance Trust, a corporate financial services agency in Amsterdam, the Volkskrant reports on its website. The paper says a number of staff have been arrested on charges of money laundering, receiving stolen property and forgery.
First Alliance, which has 50 staff and operations in eight countries, is suspected of being central in a major fraud case revolving around Turkey’s Kent Bank, the Volkskrant says.
The Netherlands has some 130 trust offices like First Alliance. Dutch trust offices shelter some 20,000 letterbox companies which are nominally established in the Netherlands to take advantage of generous tax breaks.
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