FATF REPORT: BELGIUM’S PROGRESS IN STRENGTHENING AML/CFT MEASURES

On 3^rd September, FATF released an updated report on Belgium saying that it has re-rated the country on 15 of the 40 Recommendations.  Belgium has been in an enhanced follow-up process, following the adoption of its mutual evaluation.  his report analyses Belgium’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.  It says that FATF as re-rated Belgium for –

1 – Assessing risks & applying a risk-based approach
2 – National cooperation and coordination
10 – Customer due diligence
12 – Politically exposed persons
16 – Wire transfers
17 – Reliance on third parties
18 – Internal controls and foreign branches and subsidiaries
19 – Higher-risk countries
26 – Regulation and supervision of financial institutions
27 – Powers of supervisors
28 – Regulation and supervision of DNFBPs
33 – Statistics
35 – Sanctions

The report also looks at whether Belgium’s measures meet the requirements of FATF Recommendations that have changed since their 2015 mutual evaluation, taking into account any new measures since the mutual evaluation: as a result, FATF agreed to rerate Recommendation 5 to Compliant from Largely Compliant), Recommendation 8 to Largely Compliant from Partially Compliant), and to maintain the ratings of Partially Compliant for Recommendation 7 and Compliant for Recommendation 21.

http://www.fatf-gafi.org/publications/mutualevaluations/documents/fur-belgium-2018.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017