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Belgium Strengthens Internal Controls to Prevent Financial Crimes

In a bid to curb financial malfeasance, the Belgian government has stepped up its efforts to implement robust internal controls that prevent corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering, and terrorist financing. In an exclusive interview with Practical Law, experts shed light on the country’s latest measures.

Practical Measures in Place

To combat financial crimes, companies operating in Belgium are now required to establish effective internal controls, including:

• Due diligence procedures
• Financial record keeping
• Whistleblower protection policies

“Companies must ensure that their internal controls are designed to prevent and detect financial malfeasance,” says a leading expert in the field.

Increased Corporate Liability

Belgian law has expanded corporate liability for financial crimes committed by employees or agents of a company. This means that companies can be held accountable for the actions of their employees, even if they were not directly involved in the wrongdoing.

“This is a significant development that holds companies responsible for the actions of their employees,” notes another expert.

Immunity and Leniency Programmes

To encourage cooperation with authorities, Belgium has introduced immunity and leniency programmes for individuals who report financial crimes or cooperate with investigations. These programmes provide a safe haven for whistleblowers and help to uncover complex financial crimes.

“Whistleblowers play a crucial role in exposing financial malfeasance,” says a leading lawyer in the field.

Whistleblowing Mechanisms

Companies operating in Belgium are now required to establish effective whistleblower mechanisms that allow employees to report suspected financial malfeasance without fear of retaliation. This is an important step towards creating a culture of transparency and accountability within companies.

“Effective whistleblower mechanisms help to prevent financial crimes by allowing employees to speak out against wrongdoing,” notes an expert.

Conclusion

The Belgian government’s efforts to strengthen internal controls and prevent financial crimes demonstrate its commitment to combating economic crime in the country. As the global economy becomes increasingly interconnected, it is essential that countries like Belgium remain vigilant in their efforts to prevent and detect financial malfeasance.