Title: FATF Report Reveals Belgium’s Progress in Anti-Money Laundering and Counter-Terrorist Financing Compliance
Brussels - FATF Report on Belgium’s Implementation of Recommendations (2018)
The Financial Action Task Force (FATF) released its follow-up report on Belgium’s adherence to the organization’s Recommendations. The report highlights significant progress in several areas but also reveals challenges that need to be addressed.
Below is a detailed assessment of Belgium’s compliance with various FATF Recommendations.
Belgium’s FATF Assessment Ratings
| Recommendation | Rating |
|---|---|
| R.1 - Assessing risk & applying risk-based approach | Compliant (C) |
| R.2 - National cooperation and coordination | C |
| R.3 - Money laundering offense | C |
| R.4 - Confiscation and provisional measures | C |
| R.5 - Terrorist financing offense | C |
| R.6 - Targeted financial sanctions related to terrorism and terrorist financing | Partially Compliant (PC) |
| R.7 - Targeted financial sanctions related to proliferation | PC |
| R.8 - Non-profit organizations | Largely Compliant (LC) |
| … | … |
| R.35 - Sanctions | Compliant (C) |
| R.36 - International instruments | C |
| R.37 - Mutual legal assistance | LC |
| R.38 - Mutual legal assistance: freezing and confiscation | LC |
| R.39 - Extradition | LC |
| R.40 - Other forms of international cooperation | LC |
This report card-style assessment outlines varying degrees of Belgium’s adherence to the FATF Recommendations. Improvements have been made across several areas. However, the “Largely Compliant” or “Partially Compliant” ratings on certain recommendations indicate areas that require greater attention to achieve full compliance with FATF standards.
Areas for Improvement
Although Belgium has shown progress in many areas, the following recommendations highlight where improvements are needed to strengthen its anti-money laundering and counter-terrorist financing efforts:
- Money or value transfer services, Recommendation R.14: Largely Compliant (LC)
- Correspondent banking, Recommendation R.13: Partially Compliant (PC)
Conclusion
While Belgium has made noteworthy strides in implementing FATF Recommendations, areas marked with “Largely Compliant” and “Partially Compliant” require further improvement to meet the FATF’s full compliance standards and enhance its overall efforts against money laundering and counter-terrorist financing.