Belgium Belgium

New Documents

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2024, and June 20, 2024.

The Monetary Authority of Singapore published the Money Laundering National Risk Assessment of Singapore, which covers the risks observed by the law enforcement agencies, the Suspicious Transaction Reporting Office, and other supervisory authorities.

News

Enforcement Actions

India’s Financial Intelligence Unit penalized the Cayman Islands-based cryptocurrency exchange platform to resolve allegations of violations of the Prevention of Money Laundering Act 2002.

The U.S. Securities and Exchange Commission ordered the Chicago, IL-based business communication and marketing services provider to pay a civil penalty of $2,125,000 to settle violations relating to cybersecurity incidents and alerts in late 2021.


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)

Rankings

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

BASEL i

Rank : 16/110
Score : 3.94/10

TRANSPARENCY INTERNATIONAL i

Rank : 15/179
Score : 76/100

Tax Justice Network i

Rank : 50/133
Score : 45/100