The Dutch trust office sector faces tighter regulation under draft rules published by finance minister Jeroen Dijsselbloem on Monday.

The draft law, which has now gone out to consultation, will make it easier to withdraw the licences of trust offices and ‘name and shame’ those which break the law.

‘In the first place, trust offices must come to adopt the integrity standards which apply to other financial institutions, via the regulatory framework,’ the minister said in a briefing to MPs. ‘In addition, we suggest ensuring trust offices have a two-person management team to oversee the day to day running of operations.’

There are some 150 trust offices in the Netherlands and they are key in helping thousands of firms and individuals – including the Rolling Stones as well as corporate giants like Starbucks – avoid tax. They have also been linked to organised crime, money laundering and terrorism.

A 2014 report showed around half the country’s trust offices had not done enough to limit these integrity risks, or showed other shortcomings in their operational structures. ‘Since then things have only become worse,’ Dijsselbloem is quoted as saying by the Financieele Dagblad.

While preventing money laundering and terrorism are crucial, the trust sector should in no way whatsoever be involved in behaviour considered unacceptable by society at large, the minister said.

Trust offices must know the names of the people they are dealing with and make sure their money comes from legitimate sources, he said. ‘Without this, there is no place for them in the Netherlands.’