Belgium Country Summary

FATF Status

Belgium is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Belgium was undertaken by the Financial Action Task Force (FATF) in 2018. According to that Evaluation, Belgium was deemed Compliant for 21 and Largely Compliant for 16 of the FATF 40 Recommendations. It was also been deemed Highly Effective for 0 and Substantially Effective for 4 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Belgium has established a comprehensive legal framework to combat corruption, including extensive anti-bribery laws and active participation in international conventions. Despite these measures, challenges remain, particularly in the enforcement of these laws and the prevalence of corruption in government procurement and public works contracting.

The country faces significant issues with organized crime, including human trafficking, drug trafficking, and financial crimes, facilitated by its strategic ports and complex criminal networks. However, Belgium's robust law enforcement system, strong economic regulations, and active civil society contribute to its resilience against crime, although coordination challenges persist due to its federal structure.

Belgium's economy is characterized by its openness and connectivity to major global markets, making it an attractive destination for foreign investment, particularly from the United States. The Belgian government has actively implemented policies to enhance economic competitiveness, including significant tax reforms such as lowering the corporate tax rate and introducing a minimum tax for multinational corporations. Despite a steady growth rate of 1.5% in 2023, challenges such as labor shortages and a rising government debt ratio may constrain future economic expansion, while the country continues to benefit from a highly educated workforce and robust export sectors, particularly in chemicals and pharmaceuticals.