Belgium to Establish New Security Agency, CTIF to Play Key Role
New Agency Aims to Combat Financial Crimes
Brussels, October 20, 2014 - The Belgian government has announced plans to create a new agency responsible for overseeing all security and intelligence issues in the country. The new agency will be tasked with combating money laundering, terrorist financing, and other financial crimes.
Key Features of the New Agency
- Will bring together various law enforcement agencies, financial institutions, and other stakeholders under one roof
- Modeled after similar organizations in other European countries
- Expected to play a crucial role in providing threat assessments and analysis to support efforts to combat financial crimes
The Centre for Threat Intelligence and Fusion (CTIF), a leading provider of threat intelligence services, has been invited to join the new agency as a key member. The CTIF is expected to provide threat assessments and analysis to support the agency’s efforts to combat financial crimes.
Increased Threshold for Reporting Suspicious Transactions
Under the new structure, the government will increase the threshold for reporting suspicious transactions from EUR 5,000 to EUR 7,500, effective January 1, 2015.
Compliance with International Standards
The move comes as part of Belgium’s efforts to comply with international standards on anti-money laundering and counter-terrorist financing. The country has been under pressure from the Financial Action Task Force (FATF) to strengthen its AML/CTF regime and address gaps in its financial system.
Government Statement
In a statement, the government said that the new agency will be responsible for “ensuring the effective implementation of anti-money laundering and counter-terrorist financing measures” and will work closely with the CTIF to identify and disrupt criminal networks.
Significant Step Forward
The move is seen as a significant step forward in Belgium’s efforts to combat financial crimes and protect its citizens from threats both at home and abroad.