Belgium’s Financial Sector Tackles Money Laundering with Unprecedented Public-Private Partnership

The Belgian financial sector is mobilizing against money laundering with the announcement of the AML (Anti-Money Laundering) Consultation Platform. This groundbreaking public-private partnership comes in response to the damning revelations of the FinCen Files investigation, which exposed the alarming abundance of money laundering worldwide and Belgium’s involvement.

The Necessity of Cooperation: Febelfin’s Response

Following the International Consortium of Investigative Journalists (ICIJ) report, the Belgian Financial Sector Federation, Febelfin, recognized the urgent need for action. Febelfin’s CEO, Karel Baert, underscored the importance of partnership and cooperation in a statement to the press:

“Just as law enforcement agencies combine their resources to track down criminals on the road, banks must partner with each other and the government in the fight against financial crime.”

The Alarming Extent of Money Laundering: The FinCen Files

The FinCen Files, a collaborative investigation between the ICIJ, BuzzFeed News, and over 400 journalists in 88 countries, revealed how financial systems around the world enable money laundering. With 365 of the 2,100 Suspicious Activities Reports (SARs) in the investigation mentioning “Belgium,” and its four largest banks implicated, the urgency for action was palpable.

Regulation and Control Measures: A Collaborative Effort

At a November 2020 parliamentary meeting, Belgian authorities discussed regulation and control measures. In response to the calls for a stronger partnership from the big Belgian banks, such as Belfius, the proposition of an investigative platform for sharing and investigating suspicious transactions was tabled.

“We are urgently asking to be treated as a real partner in the fight against money laundering,” Marc Raisière, the president of Belfius bank, said to the Belgian parliament.

Success Stories: United Kingdom’s Experience

Building on the success stories from neighboring countries, such as the United Kingdom, where a collaboration between banks, public prosecutors, and law enforcement led to the identification and closure of over 5,000 suspicious accounts and the seizure of over 56 million pounds (US$78.2 million dollars), Febelfin is confident that this unique partnership will yield similarly impressive results.

The AML Consultation Platform: A Proactive Approach

Febelfin believes that by sharing vital information and resources, they can “see the bigger picture faster and intervene where necessary with appropriate resources,” offering the best possible service to society and its citizens. The new AML Consultation Platform is expected not only to combat financial corruption but also to prevent its occurrence, reflecting a proactive approach to protect the Belgian financial system.