Belgium Strengthens Anti-Money Laundering Regulations with Beneficial Owner Register

In an effort to combat financial crime and prevent the misuse of its financial system, Belgium has introduced new legislation aimed at preventing money laundering and terrorist financing. The Law of September 18th 2017 marks a significant overhaul of the country’s anti-money laundering regulations.

Key Provisions of the New Legislation

• Beneficial Owner Register: Companies and other entities will be required to disclose details about their ultimate beneficial owners, which will be made publicly available.
• Cash Limitations: Strict limitations on the use of cash will be imposed to prevent individuals from using large amounts of currency to launder funds or finance illicit activities.

Impact of the Beneficial Owner Register

The introduction of the beneficial owner register is expected to have a significant impact on Belgium’s ability to detect and prevent money laundering, particularly in the context of corporate transactions. By providing greater transparency and helping authorities to identify and track suspicious transactions, this measure will be an effective tool in disrupting illicit activities.

European Union Efforts to Combat Financial Crime

Belgium’s new regulations are part of a broader effort by European Union member states to strengthen their anti-money laundering frameworks. This initiative aims to prevent the misuse of the financial system and combat financial crime more effectively across the region.