Financial Crime World

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Financial Crime Statistics in Belgium Revealed

Belgium’s financial sector has been under scrutiny for its compliance with international anti-money laundering (AML) and terrorist financing regulations. The country’s latest report, published by the Financial Action Task Force (FATF), provides a mixed assessment of its efforts to combat financial crime.

Assessment of Recommendations

The report evaluates Belgium’s performance across 40 key recommendations, assessing its risk-based approach, national cooperation, and measures to prevent money laundering and terrorist financing.

Progress Made

Belgium has made significant progress in implementing some of these recommendations. It is largely compliant with rules regarding:

  • Non-profit organizations
  • Financial institution secrecy laws
  • Internal controls

The country has also shown improvement in its:

  • Customer due diligence procedures
  • Record-keeping practices

Areas for Improvement

However, there are areas where Belgium falls short. The country remains partially compliant when it comes to:

  • Targeted financial sanctions related to terrorism and terrorist financing
  • Correspondent banking and money or value transfer services

Additionally, Belgium’s reliance on third parties for AML measures has been deemed lacking. The report also highlights the need for better regulation and supervision of:

  • Financial institutions
  • Designated non-financial businesses and professions (DNFBPs)
  • Cash couriers

FATF Recommendations

The FATF recommendations are designed to help countries combat financial crime by implementing robust systems to prevent money laundering and terrorist financing. Belgium’s performance in this area is crucial not only for its own stability but also for the global financial system as a whole.

Conclusion

While there are areas where Belgium needs improvement, the country’s efforts to combat financial crime are commendable. The report provides a roadmap for further action, and it is hoped that Belgium will continue to work towards full compliance with these crucial recommendations.

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