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Belgium’s AML Regulations: A Comprehensive Overview

A recent report by Belgium highlights its efforts to combat money laundering and terrorist financing. The country has implemented various measures to comply with the Financial Action Task Force (FATF) Recommendations, which aim to prevent the misuse of financial systems.

Assessing Risk and Applying a Risk-Based Approach

• Belgium is compliant in assessing risk and applying a risk-based approach, as required by Recommendation R.1.
• The country’s financial institutions are expected to identify and mitigate risks associated with specific customers, transactions, and geographic locations.

National Cooperation and Coordination

• Recommendation R.2 emphasizes the importance of national cooperation and coordination among various authorities.
• Belgium has made significant progress in this area, as evident from its compliance rating for R.2.

Money Laundering Offence

• Belgium’s laws and regulations are compliant with Recommendation R.3 regarding money laundering offence.
• The country has criminalized money laundering and set forth severe penalties for those found guilty of the offense.

Confiscation and Provisional Measures

• Recommendation R.4 requires countries to establish confiscation and provisional measures to combat money laundering.
• Belgium’s laws are largely compliant with this recommendation, although some minor improvements can be made.

Terrorist Financing Offence

• Belgium has implemented effective measures to prevent terrorist financing, as required by Recommendation R.5.
• The country’s laws criminalize the financing of terrorism and set forth severe penalties for those found guilty of the offense.

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