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Laws and Regulations Related to Money Laundering and Terrorist Financing in Belgium

Key Points

The Money Laundering and Terrorist Financing (ML/TF) Act aims to prevent and combat money laundering and terrorist financing by establishing a legal framework for reporting, supervising, and penalizing these activities.

  • The Act covers various sectors, including:
    • Financial institutions
    • Professionals
    • Non-financial professions
    • Natural persons
  • Reporting entities are required to report suspicious transactions and transactions exceeding certain thresholds to the Financial Intelligence Processing Unit (CTIF-CFI).
  • CTIF-CFI analyzes the information received and forwards it to the Public Prosecutor or Federal Public Prosecutor for further investigation.
  • Sanctions for non-compliance with the Act include:
    • Administrative fines
    • Criminal fines
    • Penalties

Restrictions on Cash Payments

Cash payments are restricted for certain transactions, such as:

  • The purchase of precious metals, scrap metals, or copper cables by professionals from consumers.
  • Transactions exceeding the maximum permissible amounts.

The maximum amount that can be paid in cash is €3,000 for transactions between professionals, except for certain financial institutions. Sanctions for exceeding the maximum permissible amounts include:

  • Criminal fines
  • Penalties

Monitoring Compliance

Different authorities monitor compliance with the Act, including:

  • The FPS Economy, which oversees sectors such as:
    • Real estate
    • Precious metals
    • Copper cables
  • These authorities may request information and conduct on-site inspections to ensure compliance with the Act.