BELGIUM: CELL FOR FINANCIAL INFORMATION PROCESSING (CIF) ANNUAL REPORT

On 30 May, the Brussels Times reported that the yet unpublished report from the country’s FIU reveals that while the flow of money from traffic in cocaine alone is estimated at €30 billion in a year, the CIF was only able to send cases worth an estimated €11.5 million through to the courts.  It reported a total of €1.538 billion in suspected transactions last year to the justice system, roughly in line with past years, and 1,065 cases reported to prosecutors.  It also says that €11.5 million of suspect money was connected to the drugs trade – spread among 127 cases – an average of about €90,500 a case, compared to €311 million from serious tax fraud, €299 million from illegal arms and €228 million from social fraud.

https://www.brusselstimes.com/belgium/114273/financial-watchdogs-uncover-a-minimal-proportion-of-illegal-money/

 

 

 

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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

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