Belgium Takes Steps to Prevent Financial Crime Through Partnership and Collaboration
A New Era of Cooperation to Combat Money Laundering
In a bid to tackle money laundering and other financial crimes, Belgium’s Financial Sector Federation, Febelfin, has launched the AML Consultation Platform. This innovative initiative aims to bring together the private and public financial sectors in a joint effort to prevent corruption.
The Call for Action: Rooting Out Money Laundering Practices
Following the release of the FinCen Files, a major investigation by the International Consortium of Investigative Journalists (ICIJ), BuzzFeed News, and over 400 international journalists exposed widespread money laundering practices globally. Belgium was particularly highlighted in the report, with four of its largest banks mentioned.
Key Findings from the Report:
- Widespread money laundering practices globally
- Four of Belgium’s largest banks were implicated in the report
A Partnership for Progress: The AML Consultation Platform
The AML Consultation Platform is a direct response to the call for action by big banks, who proposed a platform for sharing and investigating suspicious transactions together. This platform builds on successful programs in neighboring countries such as the UK, where a collaboration between banks, public prosecutors, and law enforcement led to the seizure of over 56 million pounds (US$78.2 million dollars) from suspicious accounts.
Benefits of the AML Consultation Platform:
- Unprecedented partnership to combat financial crime
- Faster intervention with appropriate resources
- Best possible service to society and its citizens
Febelfin’s Commitment to Fighting Financial Corruption
“This platform is a major step forward in our fight against financial crime,” said Karel Baert, CEO of Febelfin. “Just as agents on the road have a partner to track down criminals, banks also need partners in this fight. We are committed to working together with the government and other stakeholders to prevent financial corruption and protect our citizens.”
By working together, Febelfin believes they can see the bigger picture faster, intervene where necessary with appropriate resources, and provide the best possible service to society and its citizens.