AML measures by MSBs, Lawyers and Casinos not adequate says FATF

Belgium’s regime for combatting money laundering and terrorist financing is well established; however, certain elements are not yet fully in line with the 2012 FATF Recommendations

23/04/2015 - Belgium has the core elements of a sound anti-money laundering and counter-terrorist financing (AML/CFT) regime, although some elements are not yet fully in line with the 2012 FATF Recommendations, according to a new report by the Financial Action Task Force.

The Mutual Evaluation Report of Belgium notes 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.

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