Financial Crime World

Title: FATF Evaluates Belgium’s Anti-Money Laundering and Counter-Terrorist Financing Measures: A Look at the Report

The Financial Action Task Force (FATF) has published its Mutually Agreed Assessment Report on Belgium’s implementation of the FATF Recommendations following an on-site visit in 2015. This evaluation focuses on measures taken by Belgium to combat money laundering and terrorist financing.

Belgium Mutual Evaluation - 2015

The FATF analysis assesses Belgium’s adherence to specific Recommendations. Here are some key findings:

Assessing risk & applying risk-based approach (R.1)

  • Belgium was largely compliant (LC) in this area.

National cooperation and coordination (R.2)

  • Belgium was largely compliant (LC), but improvement recommendations were suggested.

Money laundering offence (R.3)

  • Belgium was compliant (C) with this requirement.

Confiscation and provisional measures (R.4)

  • The report indicated that Belgium was compliant (C) in this respect.

Terrorist financing offence (R.5)

  • Belgium was deemed large compliant (LC) by the FATF.

Targeted financial sanctions related to terrorism & terrorist financing (R.6)

  • Belgium was fully compliant (PC) with these FATF Recommendations.
  • Likewise, Belgium was fully compliant (PC) in implementing these sanctions.

Non-profit organizations (R.8)

  • Belgium’s measures were considered partially compliant (PC).

Financial institution secrecy laws (R.9)

  • Belgium was classified as compliant (C) in regulating these laws.

Customer due diligence (R.10 & R.22)

  • Belgium’s measures in this area were determined to be largely compliant (LC).

The evaluation covers other essential Recommendations as well, such as:

Reporting of suspicious transactions (R.11)

  • The report noted that Belgium has a legal framework for reporting suspicious transactions, and relevant authorities have the power to request information.

Internal controls (R.12)

  • Belgium was largely compliant (LC) in this area, but some improvement recommendations were suggested.

International cooperation (R.13, R.15, R.16, R.17, & R.18)

  • The report indicated that Belgium has laws and procedures to facilitate international cooperation in investigative and administrative matters related to money laundering and terrorist financing.

Overall, the FATF report provides valuable insights into Belgium’s efforts to counteract money laundering and terrorist financing in the global fight against financial crimes.