Regulatory Alerts2017-10-06
Added · Updated
Law on the prevention of money laundering and terrorist financing and on the restriction of the use of cash
This Belgian law establishes the legal framework for preventing money laundering, terrorist financing, and the financing of weapons of mass destruction, while also restricting cash usage. It defines key terms such as money laundering, terrorist financing, and beneficial owners, and imposes obligations on obliged entities regarding customer due diligence, internal controls, and reporting suspicious transactions to the Financial Intelligence Processing Unit. The legislation outlines the roles and supervisory powers of competent authorities, including the National Bank of Belgium and the Financial Services and Markets Authority, and sets forth administrative and criminal sanctions for non-compliance.