Financial Crime World

Money Laundering in Belgium: A Broad Definition Against Serious Criminal Activities

Definition of Money Laundering in Belgium

According to the Law of 18 September 2017 in Belgium, money laundering involves the conversion, transfer, concealment, or acquisition of money or property derived from criminal activity. Here’s a closer look at the definition:

Money Laundering Components in Belgium

  1. Converting or transferring: money or assets, with knowledge of their illicit origin, for the purpose of obscuring the original criminal source or helping offenders escape legal responsibility.
  2. Concealing or disguising: the true nature, source, location, ownership, or movement of money or property, when aware that it stems from illegal activities.
  3. Acquiring, possessing, or using: money or assets, knowing they stem from criminal activity, at the time of acquisition.
  4. Participating, associating, or aiding: in the acts of money laundering.

Criminal Activity in the Belgian Definition

The term “criminal activity” encompasses a wide range of offenses, including but not limited to:

  • Terrorism
  • Organized crime
  • Human trafficking
  • Animal trafficking
  • Fraud
  • Fiscal fraud
  • Corruption
  • Smuggling
  • Counterfeiting

Scope of Preventive Law

It is important to note that the Belgian preventive law only applies to serious criminal activities. The list of illegal actions outlined in Article 4, first subparagraph, 23° of the Law covers all offenses punishable by a minimum six-month prison sentence in Belgian law.

General Terminology and Reporting Entities

This legislation does not rely on specific Penal Code provisions but instead utilizes common language terms associated with various forms of criminality. Reporting entities are not expected to determine the specific predicate offense related to the suspicious transactions.

Jurisdiction and Cross-Border Money Laundering

Money laundering crimes are recognized regardless of where the criminal activities generating the money or property took place, be it in another European Union member state or a non-EU country.