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In October 1956, Ronnie (Halina
Reijn),
a Dutch woman married to a Canadian minister of religion, is on a
tourist package trip in Israel. On a kibbutz she bumps into a
schoolteacher, Rachel Rosenthal, whom she realises she knew during the Second World War.
The film then flashes back to 1944,
and begins the story of Rachel Stein (Carice van Houten), a Dutch Jewish singer who had lived
in Berlin before the war and is now living in hiding from the Nazi regime in the occupied
Netherlands.

When the house that she has been
hiding in is destroyed, Rachel manages to escape and visits a lawyer
named Smaal (Dolf de Vries), who provides her with some of her father's
money so that she can flee, helped by a member of the resistance named
Van Gein (Peter Blok). Rachel is reunited with her family and tries to
flee by boat through the Biesbosch
with other Jews from the Nazi-occupied part of the Netherlands to the
liberated southern part of the country. However, in a trap they are
ambushed on the river by members of the German SS, who kill them and
loot the bodies. Rachel alone survives, but she does not manage to
escape from occupied territory.
She becomes involved with a
resistance group in The Hague, under the leadership of Gerben Kuipers
(Derek
de Lint), assumes the non-Jewish alias of Ellis de Vries, and dyes her
hair blonde. Working closely with physician and fellow resistance
member Hans Akkermans (Thom Hoffman), she seduces local SD commander Hauptsturmführer
Ludwig Müntze (Sebastian Koch) and obtains a job as a
secretary at SD headquarters. There, Ellis recognizes Obersturmführer
Günther Franken (Waldemar Kobus), Müntze's brutal
deputy, as the SS officer who oversaw the massacre of her fleeing
refugee party, and manages to plant a bug in his office. She falls in
love with Müntze, who, in contrast to Franken, is not abusive
or sadistic. He works out that she is a Jew, but does not care. She
also becomes friends with her Dutch colleague Ronnie, who collaborates
with the Germans, working for them, being sexually available to them
(particularly Franken), and accepting stolen gifts from them.
 
Having worked out that it was Van
Gein who betrayed Ellis, her family and the other Jews to the SS in
return for a cut of the profits, some members of Ellis' resistance cell
decide to abduct him in order to expose a suspected traitor in their
midst. The plot goes wrong when Akkermans's chloroform fails to work,
Van Gein fights back and is killed. Franken responds by planning to
kill forty hostages, including most of the plotters, but
Müntze, who realises the war is lost and has been negotiating
with the resistance, cancels the order.
Müntze confronts Ellis as
being a member of the resistance. She persuades him to search Franken's
safe, which Ronnie had claimed contained the money, gold and jewels
stolen from fleeing Jews (against SS regulations, since Franken is
keeping the profits for himself). When a search of the safe by the
commanding officer, Obergruppenführer
Käutner (Christian Berkel), reveals nothing, the apparently
angry and embarrassed Franken reveals that Müntze has been
negotiating with Dutch resistance "terrorists" for a truce.
Müntze is condemned to death and imprisoned, along with
members of the resistance group who are to be shot as a reprisal for
the killing of Van Gein. Ellis agrees to participate in a rescue
attempt for the resistance prisoners only on the condition that they
free Müntze too, and reluctantly the others agree. However,
the attempt fails because their plan has been betrayed by the unknown
insider, and all of the prisoners and rescuers, except Akkermans and
another resister, are killed.
 
Ellis is subsequently arrested and
jailed by the SD. It emerges that Franken has known about her and the
bug all the time. He uses it to make the resistance group believe she
is the Nazi collaborator, framing her for the catastrophic failure of
the rescue operation. However, with Ronnie's help, she and
Müntze escape and the two of them hide in the countryside.
When the country is liberated by the
Allies, Franken attempts to escape by boat, but is killed by Akkermans.
Ronnie, instead of being imprisoned and publicly shamed as a
collaborator, latches on to the Canadian captain she subsequently
marries. Suspecting Smaal is the traitor, Müntze and Ellis
confront him, but he shows her the titular black book in which he had
detailed all his dealings with the Jews he helped. He and his wife are
then murdered by an unknown man. Müntze is arrested by the
Canadians and Ellis is seized by the Dutch, who recognise her as a
"collaborator", but not before she grabs the book. Müntze's
former commanding officer, Käutner, now working with the
Allies against the communists, convinces a Canadian colonel that an
Allied occupation agreement allows the German military to discipline
its own soldiers and Müntze is executed on the death warrant
issued prior to the surrender as punishment for his negotiations with
Ellis's resistance cell.
Ellis is held in a temporary "prison"
for collaborators, but is rescued from public humiliation by Akkermans,
now a colonel in the Dutch Army,
who then tries to kill her with an overdose of insulin. She survives by
eating a bar of chocolate to counteract the drug. It then emerges that
Akkermans is the traitor responsible for the brutal death of her family
at the hands of Franken and his Nazis. He has also murdered Smaal and
Franken, taking all the money, gold and jewels stolen from the Jews.

Ellis proves her innocence to British
intelligence and to the former resistance leader Gerben Kuipers by
means of the black book, which shows that many Jews were brought to
Akkermans for medical help just prior to their murders. Together, Ellis
and Kuipers intercept the fleeing Akkermans, who is hiding in a coffin
in a hearse which he has filled with stolen money, gold and jewels.
Ellis seals the coffin's air vents using the edges of her family
necklace, suffocating him.
The film then flashes forwards again
to Israel and shows Rachel meeting her husband and two children and
entering Kibbutz Stein, which a sign reveals was funded from recovered
money stolen from Jews killed during the war. As the film ends, Israeli
soldiers arrive to protect the kibbutz as the Suez Crisis begins.
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