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Belgium Defines Financial Crimes: Understanding Money Laundering and Related Offenses
In an effort to combat financial crimes, Belgium has enacted the Law of 18 September 2017, which defines money laundering as a specific type of criminal activity. This law provides a clear understanding of what constitutes money laundering and related offenses in Belgium.
Definition of Money Laundering
According to the law, money laundering refers to the conversion or transfer of funds or property derived from criminal activity, with the intention of concealing or disguising its illicit origin.
Categories of Money Laundering Activities
The law identifies four main categories of money laundering activities:
- The conversion or transfer of funds or property
- The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of funds or property
- The acquisition, possession, or use of funds or property derived from criminal activity
- Participation in, association with, attempts to commit, aiding, abetting, facilitating, and counseling any of these activities
Definition of “Criminal Activity”
The law defines “criminal activity” as involvement in the commission of an offense related to a range of serious crimes, including:
• Terrorism • Organized crime • Drug trafficking • Human trafficking • Prostitution • Environmental crime • Fraud • Embezzlement • Corruption
This list is not exhaustive and includes all offenses punishable by imprisonment for at least six months under Belgian law.
Focus on Serious Crimes
The law targets only serious criminal activities, excluding lesser forms of financial misconduct. It also confirms that it is not the responsibility of disclosing entities to identify the underlying predicate offense or transactions suspected of money laundering.
Global Reach
Money laundering is considered a crime regardless of whether the activity generating the funds or property was committed in Belgium, another EU member state, or a third country.
Purpose of the Law
The law aims to provide a clear definition of financial crimes and related offenses, enabling authorities to effectively combat money laundering and other forms of financial fraud in Belgium.