Financial Crime World

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Belgium Takes Aim at Financial Crime with New Consultation Platform

Launch of Consultation Platform Aims to Combat Money Laundering and Terrorism Financing

In a significant move to strengthen the fight against financial crime, the Belgian financial sector federation Febelfin has officially launched a consultation platform aimed at combating money laundering. The initiative brings together various public and private partners to share information and expertise on developments, trends, and new risks related to money laundering.

Primary Goal: Facilitating Collaboration between Financial Sector and Public Authorities

The platform’s primary goal is to facilitate collaboration between the financial sector and public authorities in tackling financial crime. By pooling their knowledge and skills, Febelfin aims to improve the application of legal obligations and provide guidelines for its members.

Quotes from Key Figures

  • “The success of this initiative will rely on the active participation of all stakeholders.” - Finance Minister Vincent Van Peteghem
  • “We are seeking to replicate the targeted cooperation model used in the UK, where joint efforts by banks, prosecutors, regulators, and law enforcement agencies led to the seizure of £56 million (€65.3 million) and detection of 5,000 suspicious accounts.” - Febelfin

Background: Addressing Financial Crime in Belgium

Febelfin has been advocating for closer collaboration between the financial sector and public authorities since last year’s “FinCEN Files” investigation revealed that banks have allowed over $2 trillion in dirty money to flow worldwide. The organization is seeking to improve the country’s efforts to combat financial crime and ensure a safer financial environment for all.

Statistics: Money Laundering Cases in Belgium

  • 17,678 suspicious transactions reported by banks to the Financial Intelligence Processing Unit (CTIF) in 2020
  • Representing 55% of money laundering cases transmitted to judicial authorities

The new consultation platform is expected to enhance the country’s efforts to combat financial crime and ensure a safer financial environment for all.