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Belgium Strengthens its Financial Crime Legislation: Key Updates for Corporates

In a significant overhaul of Belgium’s financial crime legislation, corporates are set to face tougher penalties and stricter regulations in the fight against fraud and money laundering. The recasting of Belgian criminal law has introduced several key updates that aim to enhance the country’s ability to combat white-collar crimes.

Forgery: A Broader Definition

Under the new legislation, forgery no longer requires a writing “protected by law” to be an offence. Any writing or durable medium of expression can now be targeted, including those containing factual reports with legal implications. The offence of computer forgery is also included in the general provision on forgery, covering both informatised and non-informatised mediums.

Fraud: Simplified Definitions

• The definitions of general fraud and computer fraud have been aligned.
• Both offences will be sanctioned with a level 3 penalty.
• The handover of goods is no longer a constitutive element of the offence.
• An undue economic advantage can consist of tangible or intangible goods.

Private Corruption: Easier Proofs

• A bribery agreement is no longer considered an aggravating circumstance, making it easier for judges and public prosecutors to prove its existence.
• Private corruption will now be sanctioned with a level 2 penalty.
• Offenders may face professional bans and pecuniary penalties up to triple the expected or actual proceeds.

Money Laundering: Stricter Penalties

• The new legislation incorporates recent amendments to the money laundering provision, removing the distinction between “serious” and “ordinary” tax fraud.
• A level 3 penalty is now provided for all money laundering offences.
• Fines ranging from €360,000 to €600,000 will be imposed on legal persons.
• Those involved in money laundering operations may also face additional fines of up to €2 million.

Forfeiture: A Stronger Tool

• The items subject to money laundering will be forfeited.
• Both the object of the offence and asset gains obtained will be eligible for forfeiture.
• The direct or equivalent forfeiture of property can only occur once, reflecting current case law.

These significant updates are designed to strengthen Belgium’s financial crime legislation and enhance its ability to combat fraud and money laundering. Corporates operating in Belgium should take note of these changes and ensure compliance with the new regulations to avoid potential penalties and reputational damage.