Title: Belgium’s Financial Sector Fights Money Laundering with Unprecedented Public-Private Partnership

Background

In response to the global issue of money laundering, revealed in the FinCen Files investigation, the Belgian Financial Sector Federation, Febelfin, has launched the AML Consultation Platform. This partnership brings together the private and public sectors to combat financial crime.

The FinCen Files Investigation

• Led by the International Consortium of Investigative Journalists (ICIJ), BuzzFeed News, and over 400 international journalists in 88 countries
• Exposed extensive use of broken financial systems to move dirty money globally
• 365 of the 2,100 Suspicious Activities Reports (SARs) pointed to Belgium
• Four of the country’s largest banks named in the report

The Need for Action

• Discussions at a parliamentary meeting in November 2020
• Representatives from Belgian banks asked for a more effective partnership with authorities
• Emphasis on the need for collaboration from Marc Raisière, Belfius bank president

The AML Consultation Platform

• Goal: Build on successful collaborations in nearby countries
• United Kingdom partnership resulted in the closure of over 5,000 suspicious accounts
• Seized 56 million pounds (US$78.2 million dollars)

Impact and Expectations

• Febelfin’s groundbreaking alliance: Belgian financial institutions and authorities
• Identify, investigate, and prevent money laundering cases
• Contribution to strengthening Belgium’s financial system
• Maintaining integrity of financial markets

Conclusion

This collaborative effort represents a significant stride forward in Belgium’s ongoing efforts to tackle money laundering and uphold the integrity of its financial markets.