Belgium’s Financial Watchdog Cracks Down on Money Laundering: A Closer Look at the Definition
Money laundering, a practice that involves disguising the proceeds of illicit funds as legitimate income, poses a significant challenge to law enforcement agencies and financial regulators worldwide. In the context of Belgium, the Belgian Financial Intelligence Processing Unit (CFI) plays a pivotal role in combatting money laundering. In this article, we delve deeper into the definition of money laundering, as per the Belgian authorities.
What is Money Laundering, According to the CFI?
A closer look at the definition of money laundering, as provided by the Belgian Financial Intelligence Processing Unit (CFI), sheds light on the following:
- Money laundering refers to the conversion or transfer of money or assets with the deliberate intent to hide their illegal origins or to assist individuals involved in criminal activities in evading the legal consequences of their actions.
- This can encompass various activities, including the buying, selling, trading, or managing of goods, regardless of whether these goods directly or indirectly stem from an underlying criminal act.
Concealing the Unlawful Origin of Funds
The CFI further highlights that concealing or disguising the nature, source, location, disposal, movement, or ownership of money or assets known to be of illicit origin is also considered money laundering. Moreover, the acquisition, possession, or use of such funds or assets is equally considered money laundering by the Belgian authorities.
Criminal Participation in Money Laundering
Crucially, associated activities extending beyond the act of money laundering itself are also covered under the definition. This includes:
- Participation in money laundering activities
- Aiding, abetting, or counseling others to commit money laundering
- Facilitating the commission of money laundering activities
Resources for Further Information
For those in search of more detailed information regarding money laundering and related financial crimes, the Belgian Financial Intelligence Processing Unit (CFI) encourages the public to consult their website for a wealth of informative resources on these matters.
Alignment with International Standards
In summary, the definition of money laundering in Belgium aligns with international standards and is geared towards helping law enforcement agencies and financial institutions work collaboratively in preventing, detecting, and prosecuting money laundering activities within Belgian borders.