Belgium Cracks Down on Financial Crimes: Steep Penalties for Those Who Handle Illicit Goods
Harsher Penalties Introduced to Combat Financial Crimes
In a bid to combat financial crimes, Belgium has introduced harsher penalties for individuals who handle stolen or illicit goods. According to Article 505 of the Belgian Criminal Code, those found guilty can face imprisonment ranging from 15 days to five years and fines up to €100,000.
Who is Targeted?
The new laws target individuals who:
- Purchase, receive, own, keep, or manage goods that have been removed, misappropriated, or obtained through criminal means
- Convert or transfer such goods to conceal their illegal origin or help others involved in the offense avoid legal consequences
Even if an individual is also found to be a perpetrator, co-perpetrator, or accomplice of the original crime, they can still be punished for handling illicit goods. The same applies if the offense was committed abroad and not liable to prosecution in Belgium.
Concealment and Disguise of Illicit Goods
The laws also cover individuals who:
- Conceal or disguise the nature, origin, location, disposal, movement, or ownership of such goods
- Fail to comply with information-sharing requirements under Belgian anti-money laundering legislation
Confiscation of Seized Goods
Goods seized from individuals who handle illicit goods will be confiscated, even if they do not belong to the convicted person. However, this must not prejudice the rights of third parties with a claim to the property.
If goods cannot be found in the convicted person’s assets, the judge can proceed to monetary valuation and confiscate an equivalent amount. Alternatively, the judge may reduce the amount to avoid imposing an unreasonably harsh sentence.
Attempts to Commit Offenses
Attempts to commit these offenses will be punishable by imprisonment ranging from eight days to three years and fines up to €50,000.
Additional Consequences
Individuals found guilty of financial crimes in Belgium can also face disqualification under Article 33. The new laws aim to strengthen Belgium’s efforts against financial crime and protect its financial system.
By introducing these harsher penalties, Belgium is taking a significant step towards combating financial crimes and ensuring the integrity of its financial system.