A new Anti-Money Laundering Act has been published in the Belgian Official journal of 6 October 2017, implementing EU directive 2015/849. The Act will replace the previous anti-money laundering act of 1993 and will be effective as of 16 October 2017. Innovations under this Act include:
- a broadening of the scope of the obliged entities
- a new risk assessment procedure
- the introduction of simplified and enhanced customer due diligence
- an obligation to hold and provide beneficial ownership information, and the introduction of a national central register for beneficial ownership information
- a revision of the role and responsibilities of the CFI (Cel Financiële Informatieverwerking)
- an introduction of a maximum term for data retention
- an improvement of the cooperation between the financial intelligence units and the European Commission
- the creation of additional administrative and criminal sanctions for breaches of the requirements of this Act.
The full memorandum on the new Anti-Money Laundering Act can be found here.