New Documents

The Federal Bureau of Investigation announced the arrest and extradition of an individual accused of involvement in a criminal drug enterprise.

Alessandra Perrazzelli, the Deputy Governor of the Bank of Italy, covered recent legal and economic approaches to financial inclusion in a speech delivered at a financial technology conference.


Enforcement Actions

A French appellate court approved a settlement agreement entered into between the financial prosecutor office and Credit Suisse Group for tax fraud and money laundering, fining the institution €123 million and ordering it to pay €115 million in damages and interests.

French regulator Autorité des marchés financiers entered into a settlement agreement with and fined the Paris, France-based company for shortcomings in its anti-money laundering and counterterrorist financing procedures and measures to prevent conflicts of interest.

Key Documents

Important Facts

  • The U.S. State Department labels Belgium as a major money laundering jurisdiction. The majority of the criminal proceeds laundered in Belgium are derived from foreign criminal activity heavily associated with the recent boom in cocaine importations at the Port of Antwerp. Bulk cash smugglers, the principal money laundering concerns of law enforcement, move European drug proceeds out of the region. Trade in illicit goods through the Port fuels a shadow economy and facilitates the movement of laundered drug money from Belgium back to South America or through intermediary points such as Dubai or Hong Kong. Belgian-based criminal organizations that traffic cocaine within the region use the Belgian banking system, in conjunction with a complex network of shell companies, to integrate the illicit funds into Belgian bank accounts. Also, legitimate businesses, such as real estate, restaurants, diamonds and retail businesses are used to launder drug proceeds. Diamonds are specifically vulnerable to money laundering given their high value and ease of transport. The State Department notes that virtual currencies are increasingly being used in Belgium by criminal networks. To combat money laundering, Belgium has comprehensive know your customer rules and suspicious transaction report requirements.
Source: 2021 International Narcotics Control Strategy Report (INCSR)


FATF i | 2013 methodology

Technical Effectiveness
Compliant : 21 High : 0
Largely Compliant : 16 Substantial : 4
Partially Compliant : 3 Moderate : 7
Non-Compliant : 0 Low : 0

Belgium's technical compliance was re-rated in a Sept. 3, 2018 follow-up report


Rank : 16/110
Score : 3.94/10


Rank : 15/179
Score : 76/100

Tax Justice Network i

Rank : 50/133
Score : 45/100