Belgian Authorities Crack Down on Financial Crimes: Understanding the Definition and Scope of Money Laundering
The Belgian government has implemented the Law of 18 September 2017 to combat financial crimes, including money laundering. This legislation defines money laundering as a serious criminal offense, outlining four key elements:
Key Elements of Money Laundering
- Conversion or transfer of property: The act of changing the form or ownership of property derived from criminal activity.
- Concealment or disguise: Hiding the true nature, source, location, disposition, movement, ownership, or rights regarding money or property.
- Acquiring, possessing, or using: Acquiring, possessing, or using money or property with knowledge that it is derived from an illegal source.
- Participation: Participating in or facilitating criminal activity.
Definition of Money Laundering
Money laundering occurs when an individual knowingly deals with property derived from criminal activity with the intention of concealing its illegal origin. This can include:
- Hiding the true nature, source, location, disposition, movement, ownership, or rights regarding money or property.
- Acquiring, possessing, or using money or property with knowledge that it is derived from an illegal source.
Definition of Criminal Activity
Criminal activity includes involvement in commissioning offenses connected to a wide range of serious crimes, such as:
- Terrorism and terrorist financing
- Organized crime
- Illicit trafficking
- Fraud
- Corruption
- Embezzlement
- Misappropriation
- Environmental crime
- Currency or product counterfeiting
- Piracy
- Stock market offenses
- Banking laws infringements
- Other regulatory violations
Responsibilities in Suspected Money Laundering Cases
Law enforcement and regulatory agencies are responsible for determining the predicate offense for suspected money laundering cases, not disclosing entities.
Comprehensive Approach to Combating Financial Crimes
The Belgian legislation takes a comprehensive approach to combating financial crimes, ensuring that all aspects of the money laundering process are dismantled.
Benefits of Targeting Money Laundering
By targeting money laundering and its associated criminal activities, Belgium aims to make its financial sector safer and less appealing to criminal organizations. As a result, the country is better equipped to combat financial crimes and protect its citizens from illegal activities.