New Documents

The U.S. Attorney’s Office for the Western District of Texas announced that Elein Rodela Jr. pleaded guilty to mail fraud, theft of government funds, money laundering, and other charges related to his involvement in a tax fraud scheme.

The U.S. Justice Department announced that a federal jury convicted Ezhil Sezhian Kamaldoss of conspiring to distribute millions of opioid pills and other illegal controlled substances imported from India and money laundering conspiracy.


Enforcement Actions

The Reserve Bank of India imposed a fine of ₹57.50 lakh on the Chennai, India-based bank for regulatory shortcomings, including non-compliance with the regulator’s anti-fraud directive.

The Federal Deposit Insurance Corporation and the Iowa Superintendent of Banking issued a joint consent order against the Luana, Iowa-based bank, requiring it to address unsound banking practices.

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