Title: Belgium’s Journey to Combat Money Laundering: New Financial Crime Laws

Belgium has taken decisive actions to counter money laundering by enacting new laws. These measures aim to prevent the use of the Belgian financial system for money laundering activities, in response to the European Union’s (EC) Directive on Money Laundering.

Historical Context

1990: Law of 17th July The first Belgian legislation against money laundering was introduced, introducing the concept into Belgian criminal law.
1993: Law of 11th January Building upon the foundations laid in 1990, the government passed stricter regulations, requiring financial institutions to:
- Establish internal procedures
- Identify money launderers
- Report suspicious transactions to a new regulatory body.

A Critical Moment in Belgian History

According to a study published in the Journal of Financial Crime by Lorenzo Garzaniti in 1995, Belgium’s legislation on money laundering marked a crucial milestone:

By implementing these regulations, Belgium moved closer to meeting the requirements set by the EC Directive.

Impacts on Financial Institutions and the Public

Financial institutions faced new obligations under these legislative changes, focusing on ensuring their activities did not facilitate money laundering. Consequently:

Greater scrutiny and transparency emerged within the financial sector.
The public perceived a renewed commitment to fighting financial crime.

Citation

Garzaniti, L. (1995) Belgium: Belgian Law on Money Laundering, Journal of Financial Crime, Vol. 3 No. 1, pp. 105-107. https://doi.org/10.1108/eb025686

About the Publisher

MCB UP Ltd