Financial Crime World

Belgium’s Fight against Financial Crime and Corruption: A Progress Report

Last Updated: Wednesday, March 23, 2023

Brussels’ Commitment to Combating Financial Crime and Corruption

Belgium, as part of the European Union (EU), continues to grapple with the challenges posed by financial crime and corruption. The Belgian Government is determined to address these issues, as outlined in the National Security Plan and the United Nations’ Sustainable Development Goals.

International Commitments to Combating Corruption

  • Signatory to International Conventions: As a signatory to several international agreements, including the UN Convention against Corruption and the OECD Convention on Combating Bribery of Foreign Public Officials, Belgium supports international cooperation in fighting these issues.
  • International Cooperation: The Federal Public Service Foreign Affairs facilitates coordination regarding these agreements.

Belgium’s Progress towards Eliminating Corruption

Review Cycles under the UN Convention against Corruption

Belgium has undergone two review cycles:

  1. In 2016, the country was assessed for Chapter III on Incrimination and Chapter IV on International Cooperation.
  2. The second cycle, which focuses on prevention and asset recovery, is currently underway.

Support for Belgian Businesses Abroad

  • Anti-Corruption Guide for Belgian Enterprises: Introduced to help Belgian businesses navigate corruption-prone environments.
  • OECD Due Diligence Guidance: Similar support for ethical business practices.
  • Memorandum of Understanding: A 2015 agreement between the FPS Foreign Affairs and the FPS Justice ensures reporting of corruption-related information regarding Belgian businesses to the relevant authorities.

Regulation of Corruption offenses in Belgium

Corruption offenses in Belgium are regulated under:

  • Penal Code (Articles 246 and subsequent for public corruption)
  • Articles 504bis and subsequent for private corruption

Efforts Against Money Laundering

Money laundering, as a means to hide illegal gains, is a significant concern. Belgium’s primary institution fighting money laundering, terrorism financing, and proliferation is the Financial Intelligence Processing Unit (CTIF).

  • Anti-Money Laundering Directive: Belgium has transposed the EU’s 2015 anti-money laundering directive (2017 Law on the Prevention of Money Laundering and Terrorist Financing) into national law.
  • Reporting of Suspicious Financial Operations: The legislation requires reporting of such operations.
  • Belgian Public Prosecutor’s Access to Essential Financial Information: The Belgian public prosecutor is granted access to this information.

International Recommendations for Combating Money Laundering

Belgium has adopted the 40 recommendations of the Financial Action Task Force (FATF) to combat money laundering, terrorist financing, and proliferation. Progress in implementing these recommendations is currently being evaluated by the FATF.