Belgium Enhances International Cooperation in Anti-Money Laundering and Counter-Terrorism Financing Efforts

Strengthening Position Against Illicit Financial Flows

In a bid to combat illicit financial flows, Belgium has made significant strides in implementing international recommendations on anti-money laundering (AML) and counter-terrorism financing (CFT). The country’s efforts have earned it compliance ratings from the Financial Action Task Force (FATF), a global watchdog that assesses countries’ adherence to AML/CFT standards.

Notable Progress Areas

• Risk Assessment and Risk-Based Approach: Belgium has strengthened its risk assessment framework, enabling more targeted and effective implementation of AML/CFT measures.
• National Cooperation and Coordination: The country has improved cooperation between various agencies, including law enforcement, regulatory bodies, and financial institutions, to combat illicit financial flows.
• Money Laundering Offense: Belgium has established a comprehensive money laundering offense that aligns with international standards.

Areas for Improvement

• Confiscation and Provisional Measures: While Belgium has made progress in this area, it still requires further strengthening to ensure effective confiscation of illicit assets.
• Terrorist Financing Offense: The country’s terrorist financing offense needs to be clarified to bring it into line with international best practices.

Commitment to Enhancing Financial System Integrity

Belgium’s commitment to improving its AML/CFT framework is a positive step towards enhancing the integrity of its financial system and preventing illicit financial flows. By addressing areas for improvement, the country can further strengthen its position against money laundering and terrorism financing.