Belgium: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2006/072, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the Observance of Standards and Codes and Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Belgium. In Belgium, the financial intelligence unit (CTIF-CFI) has noted a shift in money laundering activities in recent years. It has emerged that the proportion of new cases involving layering operations and, to a lesser extent, integration, is on the rise. At the layering stage, the methods favored by criminals are national or international payments via wire transfers or cheques, as well as remittance transactions.

Keywords: ISCR; CR; firm; customer; leasing firm; compliance officer; regime; CFT obligation; terrorist group; CFT Law; CFT measure; CFT legislation; security firm; CFT law; CFT system; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; Consumer credit (search for similar items in EconPapers)
Pages: 17
Date: 2006-02-24
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