Financial Crime World

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Belgium’s White-Collar Crime Landscape: A Comprehensive Guide to Financial Offences and Investigations

In Belgium, white-collar crimes pose a significant threat to businesses and individuals alike. These financial offences can take many forms, including fraud, money laundering, false accounting, tax evasion, market abuse, corruption, and sanctions violations.

Can Corporates Be Held Criminally Liable?

Yes, corporations can be held criminally liable in Belgium if they are found to have committed a criminal offence. This is determined through a process of attribution, where the authorities assess whether the company had a direct or indirect involvement in the offence.

Commonly Prosecuted Offences Against Company Directors and Officers

  • Fraud
  • Embezzlement
  • Money laundering
  • Accountants and lawyers who facilitate these crimes may also face prosecution

Lead Prosecuting Authorities

The lead prosecuting authorities in Belgium are:

  • The public prosecutors’ offices, which investigate and prosecute financial crime cases
  • The Federal Public Prosecutor’s Office (Federale Procure) for federal-level cases
  • Regional public prosecutor’s offices for local cases

Courts and Trials

  • Financial crime trials are typically heard by a court of first instance
  • Appeals are possible to higher courts
  • Jury trials are not common in Belgian criminal proceedings

Investigations and Powers

The authorities can initiate an investigation into suspected financial crimes through various means, including:

  • Raids
  • Compulsory document production
  • Evidence taking powers
  • Conducting interviews (which may be recorded or transcribed)

Rights of Interviewees

  • Right to silence
  • Right to be represented by a lawyer
  • Right to pre-interview disclosure

Extraterritorial Effect

Belgian laws governing financial crime can have extraterritorial effect, applying to conduct committed by Belgian nationals or companies operating overseas.

Legal professional privilege protects communications between lawyers and their clients from being produced or seized by financial crime authorities.

Privacy and Data Protection

Individuals and companies have certain rights in relation to privacy and data protection during a financial crime investigation, including:

  • Right to access personal data
  • Right to object to its processing

Successor Criminal Liability

Belgium has a doctrine of successor criminal liability, which applies to mergers and acquisitions.

Factors Influencing Prosecution Decisions

Prosecuting authorities consider various factors when deciding whether to charge individuals or companies with financial crimes, including:

  • Severity of the offence
  • Accused’s level of involvement
  • Mitigating circumstances

Evidential Standard

The evidential standard required to secure conviction in Belgium is beyond reasonable doubt.

Statute of Limitations

There is a statute of limitations for criminal matters in Belgium, which varies depending on the type of offence. Exceptions apply in certain cases, such as where the accused has fled or concealed evidence.

Resolving Financial Crime Issues Short of Prosecution

Belgium offers various mechanisms to resolve financial crime issues short of prosecution, including:

  • Deferred prosecution agreements
  • Civil recovery orders
  • Plea bargaining (although it is not a common practice)

Voluntary Disclosure

Companies may benefit from voluntary disclosure to the prosecuting authority, which can lead to reduced penalties or immunity from prosecution. The Belgian authorities provide guidance on this process.

Sentencing Guidelines

The courts in Belgium follow sentencing guidelines when imposing penalties for financial crimes, taking into account various factors including:

  • Severity of the offence
  • Mitigating circumstances

Corporate Liability

Belgian law holds companies criminally liable for certain financial crimes if they are found to have committed an offence through their directors or officers. Compliance procedures are evaluated by the authorities during investigations, and businesses can protect themselves by implementing robust compliance measures.

Penalties

The courts in Belgium impose various penalties on individuals and companies convicted of financial crimes, including:

  • Fines
  • Imprisonment
  • Confiscation of assets

Rights of Appeal

Parties appealing a conviction or sentence have the right to challenge the decision before a higher court.

Anti-Financial Crime Efforts

Belgium’s authorities are actively combating financial crime, with a focus on preventing money laundering and terrorist financing. The country has implemented various measures to improve its anti-money laundering regime and combat tax evasion.

In recent years, Belgium has seen an increase in cases involving fraud, money laundering, and corruption. The authorities have also targeted individuals and companies involved in tax evasion.

Planned Developments

Belgium is planning to introduce new legislation to strengthen its anti-money laundering regime and combat financial crime. The country is also considering reforms to its sentencing guidelines for financial crimes.

Gaps and Areas for Improvement

Despite efforts to improve its anti-financial crime framework, Belgium still faces challenges in terms of data sharing and coordination between different authorities. The country is working to address these gaps and strengthen its overall response to financial crime.