Belgium Designates 13 Types of Tax Fraud as Money Laundering

On June 3, 2007, the Belgian government issued a Royal Decree, classifying 13 types of tax fraud as money laundering. As a result, banks, financial institutions, and gatekeepers, including lawyers and accountants, may be required to make suspicious activity reports (SARs) to financial authorities in Belgium when they become aware of such transactions. Belgium’s Law of January 11, 1993 criminalizes money laundering and establishes a number of anti-money laundering regulations. One of the requirements, part of standard international money laundering law under the EU Money Laundering Directive and the Financial Action Task Force recommendations, is that covered persons must identify and make SARs...more