Financial Crime World

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Belgium Tackles Financial Crime with New Banking Regulation Platform

In a bid to tackle financial corruption, Belgium’s Financial Sector Federation, Febelfin, has launched an Anti-Money Laundering (AML) Consultation Platform. The platform aims to bring together the private and public sectors in a joint effort to combat money laundering.

The Alarming Extent of Money Laundering

The launch of the AML Consultation Platform comes on the heels of a high-profile investigation by the International Consortium of Investigative Journalists, which revealed the alarming extent of money laundering across the globe. Dubbed the FinCen Files, the investigation exposed how dirty money exploits broken financial systems to move around the world.

  • Belgium was one of the countries heavily featured in the report.
  • Four of its largest banks were mentioned.
  • 365 out of 2,100 Suspicious Activities Reports (SARs) contained references to the country.

A Call for Action

In response to the report, big Belgium banks called on authorities to work with them to root out money laundering during a parliamentary hearing in November 2020. The AML Consultation Platform is a direct response to this call for action.

How the AML Consultation Platform Works

  • Enables banks and government agencies to share and investigate dubious transactions together.
  • Allows them to see the bigger picture faster and intervene where necessary.

A Successful Partnership

Febelfin CEO Karel Baert said that just as law enforcement agencies need partners to track down criminals on the road, banks also need partners in the fight against financial crime. The AML Consultation Platform aims to replicate the success of similar programs implemented in nearby countries, such as a collaboration between banks, public prosecutors, and law enforcement in the United Kingdom, which led to:

  • A crackdown on 5,000 suspicious accounts.
  • The seizure of over £56 million (approximately $78.2 million).

A New Era in Financial Regulation

Febelfin asserts that this unprecedented partnership will breed unprecedented success in squashing financial corruption, providing the best possible service to society and its citizens.