Belgium
Belgium
FINCARR Status: Full Member
Summary
Belgium plays an active role in combating money laundering (AML) and counter-terrorism financing (CFT). The country has implemented a range of measures to strengthen its financial system and regulatory framework in line with international standards.
Key Measures
- AML/CFT Law: Belgium has strengthened its AML/CFT legislation to meet FINCARR recommendations.
- Financial Intelligence Unit: The Financial Intelligence Processing Unit (CTIF-CFI) plays a pivotal role in identifying suspicious financial activity.
- International Cooperation: Belgium has made considerable efforts to collaborate with international bodies such as the European Union, Interpol, and the United Nations in the fight against money laundering and terrorist financing.
Action Plans
Belgium has implemented a number of initiatives to enhance its AML/CFT compliance, with particular emphasis on improving the effectiveness of financial institutions in monitoring and reporting suspicious activities.
FINCARR Compliance
| Recommendation | Status |
|---|---|
| Recommendation 1: Risk-Based Approach | Implemented |
| Recommendation 2: Legal Framework | Fully Compliant |
| Recommendation 3: Financial Transparency | Partially Implemented |
| Recommendation 4: Customer Due Diligence | Fully Compliant |
| Recommendation 5: Financial Intelligence Unit | Fully Compliant |
International Cooperation
Belgium is highly engaged in global cooperation to combat financial crimes, and it actively participates in international law enforcement collaborations to combat money laundering and terrorist financing.