Financial Crime World

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Belgium’s AML/CFT Guidelines: A Review of Implementation

A recent report on Belgium’s implementation of anti-money laundering (AML) and combating the financing of terrorism (CFT) guidelines has revealed a mixed picture. The report assesses the country’s compliance with the Financial Action Task Force (FATF) Recommendations, showing both progress and areas for improvement.

Compliance Achievements

Belgium has achieved compliance in several key areas:

  • Assessing Risk and Applying a Risk-Based Approach: Belgium has implemented effective measures to assess risk and apply a risk-based approach (R.1).
  • National Cooperation and Coordination: The country has established national cooperation and coordination mechanisms (R.2).
  • Confiscation and Provisional Measures: Belgium has put in place effective confiscation and provisional measures (R.4) to combat money laundering and terrorist financing.
  • Combating Terrorist Financing: The country has implemented effective measures to combat terrorist financing (R.5) and targeted financial sanctions related to terrorism and proliferation (R.6).

Areas for Improvement

Despite progress, Belgium requires improvement in several areas:

  • Non-Profit Organizations: The country needs to strengthen its laws on non-profit organizations (R.8).
  • Financial Institution Secrecy: Financial institution secrecy requirements need to be improved (R.9).
  • Customer Due Diligence: Belgium’s customer due diligence measures require strengthening (R.10).
  • Record-Keeping Requirements: The country needs to improve its record-keeping requirements (R.11).
  • Reliance on Third Parties: Reliance on third parties requires improvement (R.17).

Additional Areas for Improvement

Belgium has made progress in implementing measures to combat the financing of:

  • Proliferation: The country has implemented effective measures to combat the financing of proliferation (R.7).
  • Money or Value Transfer Services: Belgium has also improved its measures to combat money or value transfer services (R.14).

Conclusion

While Belgium has made significant progress in implementing AML/CFT guidelines, there are areas where it needs to improve. The country must continue to strengthen its measures to combat money laundering and terrorist financing, particularly in areas such as transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25).