Financial Crime World

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Fighting Financial Crimes: Types of Scams and Fraudulent Activities in Belgium

In an effort to combat financial crimes, authorities in Belgium are taking decisive action against money laundering, terrorist financing, and other illegal activities. A comprehensive approach is being taken to prevent the misuse of the country’s financial system.

Money Laundering: The Preventive Aspect

The Financial Information Processing Unit (CTIF) plays a crucial role in combating money laundering in Belgium. As the chair of the Assembly of partners, it works on money laundering risks and preventive policy. Additionally, CTIF chairs the Coordination College for the fight against the laundering of money of illicit origin.

Law Enforcement Component

The Law of 18 September 2017 transposes EU Directive 2015/849 on the prevention of the use of the financial system for money laundering or terrorist financing. This law has two components: a preventive aspect and an enforcement component.

  • Preventive aspect: Creating a duty of collaboration and transmission of information by bodies and persons targeted by this law.
  • Enforcement component: Ensuring compliance with international standards and preventing illegal activities.

Terrorism Financing

The fight against terrorism and its financing is part of Belgium’s National Security Plan. To assist in this mandate, the country can count on the 40 recommendations of the Financial Action Task Force (FATF) against money laundering, terrorist financing, and proliferation. These recommendations are divided into four groups:

  • Legal system: Implementing laws and regulations to prevent terrorism financing.
  • Measures to be taken by financial institutions: Ensuring that financial institutions take necessary measures to prevent terrorism financing.
  • Institutional and other measures necessary in systems for combating money laundering and terrorist financing: Implementing measures to prevent the misuse of the financial system.
  • International cooperation: Collaborating with international partners to prevent terrorism financing.

Belgium’s Evaluation

Belgium was evaluated at the FATF plenary meeting in February 2015. The evaluation covered technical compliance and effectiveness. Belgium must now respond to the Group’s remarks to be considered fully compliant with the 40 recommendations.

The Financing of Terrorism and Its Proliferation

The fight against terrorism and its financing is a priority for Belgium. The country has implemented measures to prevent the misuse of its financial system, including the Law of 18 September 2017 transposing EU Directive 2015/849 on the prevention of the use of the financial system for money laundering or terrorist financing.

Conclusion

Belgium is taking decisive action against financial crimes, including money laundering and terrorist financing. The country’s authorities are working to prevent the misuse of its financial system and ensure compliance with international standards. This comprehensive approach will help protect the country’s financial stability and prevent illegal activities.