Financial Crime World

Financial Crimes Definition in Belgium: Understanding Sanctions and Compliance

Financial crimes are a serious concern in Belgium, where they are defined as illegal activities that involve the misuse of money or other assets for personal gain or to further a criminal enterprise. These crimes can take many forms, including:

  • Money laundering
  • Terrorist financing
  • Other types of financial fraud

Combating Financial Crimes through Sanctions

One common method used to combat financial crimes is through the implementation of freezing measures, which are a type of financial sanction imposed by governments, international organizations, and other entities. Freezing measures are designed to prevent individuals or entities targeted by sanctions from accessing their assets or using them for illegal purposes.

In Belgium, freezing measures are typically implemented at the national level, although they may also be imposed by international organizations such as the United Nations Security Council. The main goal of freezing measures is to:

  • Prevent the financing of illegal activities
  • Disrupt the financial networks used by criminals

The Role of the General Administration of Treasury (FPS Finance)

The FPS Finance plays a key role in implementing and monitoring compliance with financial sanctions in Belgium. This includes:

  • Answering questions related to financial sanctions
  • Examining cases of homonyms
  • Granting authorizations to waive certain financial sanctions
  • Processing applications to release or make available frozen funds
  • Managing information on the implementation of financial sanctions in Belgium
  • Monitoring and enforcing compliance with financial sanctions

Other Types of Financial Sanctions

In addition to freezing measures, other types of financial sanctions may be imposed, including:

  • Prohibitions on making funds available to individuals or entities targeted by sanctions
  • These sanctions are designed to prevent criminals from accessing their assets or using them for illegal purposes.

Compliance with Financial Sanctions

Compliance with financial sanctions is mandatory in Belgium, and anyone who fails to comply with these sanctions can face severe penalties. The law provides for:

  • Criminal sanctions
  • Fines for non-compliance
  • The Treasury has the authority to investigate and prosecute individuals and entities that fail to comply with financial sanctions.

Getting More Information

For more information on financial crimes and compliance in Belgium, you can contact the Treasury at quesfinvragen.tf@minfin.fed.be or visit the website of the FPS Finance.