Professions Subject to Money Laundering/Terrorist Financing Act Benefit from Protection

The Money Laundering and Terrorist Financing (ML/TF) Act aims to prevent money laundering and terrorist financing by protecting a range of professions that report suspicions of such activities.

Protection against Threats and Acts of Aggression

Professions covered by the law enjoy immunity against threats and acts of aggression when reporting suspected money laundering or terrorist financing to the Financial Intelligence Processing Unit (CTIF-CFI) (Article 59).

Judicial Immunity

Those who report suspicions in good faith also benefit from judicial immunity, both criminal and civil (Article 57). This means that they cannot be held liable for any wrongdoing related to their reporting.

Anonymity

The identity of those supplying information to CTIF-CFI is kept confidential when the unit informs the Public Prosecutor, the Federal Public Prosecutor’s Office, or a foreign body responsible for combating money laundering or terrorist financing (Article 83, §2). Additionally, members of CTIF-CFI are also granted anonymity when testifying in court (Article 58).

Secrecy Obligations

Members of CTIF-CFI, police, and external experts are bound by professional secrecy (Article 83) and may not disclose information received while performing their duties, except for specific exceptions.

CTIF-CFI’s Role

The Financial Intelligence Processing Unit’s main role is to analyze the information it receives and forward serious indications of money laundering or terrorist financing to the Public Prosecutor or Federal Public Prosecutor. The unit can also oppose transactions suspected of being related to these activities and request extensions from the Public Prosecutor (Articles 76, §3, and 79).

Sanctions for Non-Compliance

Professions subject to the ML/TF Act face administrative fines ranging from €250 to €1.25 million for non-financial professions and 5% of annual net turnover for financial professions for non-compliance (Article 132). These sanctions are imposed by the competent authority and collected by FPS Finance (Article 134).

Restrictions on Cash Payments and Donations

Cash payments are restricted in certain transactions, such as property sales. For other cases, cash payments up to €3,000 may be made or received under specific conditions. The acceptance of cash payments exceeding these limits can result in criminal fines ranging from €2,000 to €1.8 million (Article 137).

Monitoring Compliance

Various authorities monitor compliance with the ML/TF Act, including sector-specific regulators and FPS Economy. These bodies have the power to request information and conduct on-site inspections.

FPS Economy’s Role

The FPS Economy is responsible for monitoring compliance with the restriction on cash payments and donations in specific sectors. The agency also draws up regulatory standards and checks whether professionals comply with their legal obligations (Articles 86 and 85, §1).

Conclusion

In conclusion, professions subject to the ML/TF Act benefit from significant protection when reporting suspected money laundering or terrorist financing activities. Authorities play a crucial role in monitoring compliance with the law, which aims to prevent these criminal activities.