Belgium

Member since 1990

Since the assessment of the effectiveness of Belgium's measures to combat money laundering and terrorist financing in 2015, the country has been in an enhanced follow-up process.  The country reported back to the FATF in 2018 on the actions it had taken to strengthen its AML/CFT framework.  As a result of this report, the FATF rerated the country on 13 of the 40 Recommendations.  

Today, the country is compliant with 21 Recommendations, largely compliant with another 16 Recommendations, but remains partially compliant with 3 FATF Recommendations. 

Belgium’s progress in strengthening measures to tackle money laundering and terrorist financing

3 Sep 2018

This report analyses Belgium's progress in addressing the technical compliance deficiencies identified in the FATF assessment of their measures to combat money laundering and terrorist financing of April 2015. The report also looks at whether Belgium has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2015 mutual evaluation.

In 2015, the FATF assessed the effectiveness of Belgium's measures to combat money laundering and their compliance with FATF Recommendation.  The report concluded that Belgium regime for combatting money laundering and terrorist financing is well established but that certain elements are not yet fully in line with the 2012 FATF Recommendations. 

The Mutual Evaluation Report of Belgium, noted that Belgium has established a system for assessing the money laundering and terrorist financing risks. It uses an understanding of these risks as a basis for developing AML/CFT activities and has done so for a number of years. Understanding of risk and the implementation of AML/CFT measures and controls varies per sector however. Some sectors, such as the financial sector, are much stronger in taking appropriate action to prevent money laundering and terrorist financing, while some money value transfer service providers do not have a full understanding or a complete implementation of AML/CFT measures. The non-financial sector has improved its commitment to AML/CFT; however, certain relevant businesses and professions, such professions as lawyers and casinos, have not yet taken action. Implementation of AML/CFT measures by diamond dealers does not appear to be adequate in relation to the high-risk identified for the sector.

Following this mutual evaluation, Belgium is reporting back regularly about the progress it has made in addressing the technical compliance deficiencies and the FATF may rerate the country to reflect this progress.   However, this follow-up process does not focus on effectiveness. The effectiveness of Belgium's actions to combat money laundering and terrorist financing will be assessed in the 5th round of mutual evaluations. 

Head of delegation

Also member of

Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Belgique Rapport de suivi - 2018

R.1 - Assessing risk & applying risk-based approach
C
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
PC
R.14 - Money or value transfer services
LC
R.15 - New technologies
LC
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
C
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
C
R.36 - International instruments
C
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Belgium Mutual Evaluation - 2015

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
SE
IO7
ME
IO8
ME
IO9
SE
IO10
ME
IO11
ME

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

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