Title: Belgian Anti-Money Laundering and Counter-Terrorist Financing Regulations: A Shield Against Financial Crimes

Belgium’s robust financial sector is protected by stringent Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Regulations.

Money Laundering: A Criminal Act in Belgium

Belgian criminal code, Article 505, prohibits money laundering
Penalty: maximum 5-year prison term

Expansion of predicate offenses:

Financing terrorist activities or organizations (Article 137ter)
Incorporation of EU’s third AML directive in 2010

Regulatory Authorities: A Multi-Tiered Approach

Belgian Banking and Finance Commission (CBFA): oversees financial institutions
Belgian Gaming Commission: regulates casinos
CTIF-CFI: regulates unregulated professions
Financial Services and Markets Authority (FSMA): primary regulatory body
Protects Belgium’s financial system, ensures AML/CFT compliance

The FSMA: Belgian Finance’s Guardian

Established April 1, 2011
Autonomous public organization
Reports to Belgium parliament
Governs by royal decree
Six-year term for members
Mandate: fair functioning, AML/CFT compliance

AML/CFT Regulations: Following European Union’s Lead

Fifth AML Directive: in force 2017
Regulation of cryptocurrency service providers, prepaid cards, high-value commodities transactions, beneficial ownership measures
Sixth AML Directive: came into force Dec 2020, compliance deadline June 3, 2021

Penalties: A Deterrent Against Non-Compliance

Individual penalties: imprisonment (up to 5 years) and fines (up to €800,000)
Business penalties: fines (up to €1.6 million)
Obstruction of investigations: fines (up to €5 million) and imprisonment (up to 1 year)

Belgium’s unwavering commitment to combating financial crimes:

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