The new Belgian Anti Money Laundering Act is a fact.
On 16 October 2017 the new amendments to the Belgian Anti Money Laundering Act entered into force, which provides the conversion of the directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. We highlight some of the innovations coming along with this new legislation.
First of all, the legislation will expand the scope of the anti money laundering legislation to all kinds of gambling, not limited anymore to the casinos.
This legislation will also provide an improvement of the collaboration between the Financial Intelligence Units and the European Commission.
In addition, the Act also foresees in administrative sanctions, which will be applicable if the obliged entities fail to comply with the prescribed obligations. However, criminal sanctions will be applied in case of trying to prevent inspections and verifications, refusing to provide data or providing consciousness information that is incorrect or incomplete.
Finally, the main innovation will be the UBO (Ultimate Beneficial Owner) Register which is a database that contains information on the beneficial ownership, all collected in accordance with national systems.
This register will be accessible, not only for the government, but also for each person with the legitimate interest thereto. In other words, the regulation will make data compilation regarding this matter more efficient and more transparent than before.
If you want more information / advice on the new Belgian Anti Money Laundering Act and/or on the UBO Register, please contact email@example.com.