Title: Belgrade on the Path to Combat Financial Crimes: An Update on Belgium’s FATF Compliance

Assessing Belgium’s Progress in Implementing FATF Recommendations

Amidst the global fight against financial crimes, Belgium has demonstrated notable progress in implementing the recommendations of the Financial Action Task Force (FATF). In this article, we provide an assessment of Belgium’s progress, as outlined in the Belgian Rapport de Suivi 2018.

Belgium’s FATF Recommendations Rating

Below is a summary of Belgium’s ratings regarding the FATF Recommendations:

• R.1 - Risk assessment and application of a risk-based approach: Compliant
• R.2 - National cooperation and coordination: Compliant
• R.3 - Money laundering offense: Compliant (This pattern continues for the remaining recommendations, R.4 to R.40)
• R.39 - Extradition: Largely Compliant
• R.40 - Others forms of international cooperation: Largely Compliant

Areas for Improvement

While Belgium has made considerable progress, several areas still require further improvement, as indicated by the ‘Largely Compliant’ ratings for some recommendations. These include:

• R.8 - Non-profit organizations: Largely Compliant
• R.24 - Transparency and beneficial ownership of legal persons: Largely Compliant
• R.25 - Transparency and beneficial ownership of legal arrangements: Largely Compliant

The FATF encourages Belgium to further enhance its framework regarding these recommendations, particularly in ensuring adequate transparency and beneficial ownership structures.

Strengthening Finland’s Financial Crime Prevention Measures

In summary, Belgium is making progress but still has some way to go in combating financial crimes. The country must continue to focus on the areas identified as ‘Largely Compliant’ to further strengthen its financial crime prevention measures. For a more detailed analysis of each recommendation and their respective ratings, readers are invited to consult the Belgian Rapport de Suivi 2018.