Source: https://www.whitecase.com/publications/alert/belgium-issues-new-law-anti-money-laundering-transposing-fourth-eu-directive-and
Timestamp: 2018-02-18 20:02:15
Document Index: 347575145

Matched Legal Cases: ['Art. 29', 'art. 14', 'art. 58', 'Art. 132', '§2', '§1', '§1', '§2', '§1', 'Art. 36', '§ 6', 'Art. 72', '§ 3', 'Art. 41', '§1', '§1', 'art. 136', '§1', 'art. 136', '§1']

Belgium issues new law on anti-money laundering transposing the fourth EU Directive and implementing the FATF recommendations | White & Case LLP International Law Firm, Global Law Practice
09 Oct 2017	Alert
1 Obliged entities are listed in article 5 of the Law. The enumeration does not materially change from the 1993 Law, so that attorneys (for some limited activities) and financial institutions (e.g. credit institutions, insurance undertakings, brokerage companies or investment fund managements companies) remain listed. The most important extension of the scope concerns the gaming sector (previously, only casinos were obliged entities).
2 This exception already existed under the 1993 Law, the only difference being that the exception was within the definition of beneficial owner in the 1993 Law, whereas the Law treats it as an exception to the general obligation.
3 The notion of ‘other means’ is not defined in the Law (nor in the Fourth Directive). According to the preparatory works, such definition is to be found in article 15 of the CBFA regulation on AML/FT. The Law also mentions that an indication of ‘other means of control’ can be found in the obligation to prepare consolidated financial statements under article 22(1) to (5) of the Directive 2013/34/UE.
4 Art. 29 of the Law.
5 Law Sapin II, 9 December 2016.
6 Decree n° 2017-1094 of 12 June 2017.
7 New art. 14/2 of the Company Code.
8 New art. 58/12 of the Law on NGOs.
9 Art. 132(6) of the Law.
10 The Ministerial Committee for the fight against money laundering of funds for illegal origin and the National Security Council.
11 As listed under article 85 of the Law: The Minister of Finance; The Treasury administration; The National Bank of Belgium; The Financial Services and Markets Authority; The Federal Public Service "Economy, SMEs, Middle Classes, and Energy"; The College of Auditors; The Institute of Accountants and Tax consultants; The Professional Institute of Accountants and Tax consultants; The National Chamber of notaries; The National Chamber of the judicial officers; The President of the Bar association; The Federal Public Service of Internal Affairs; The Belgian Gaming Commission.
12 As listed under articles 132 §2, al. 1 and 5 §1 (1) to (22) of the Law: The National Bank of Belgium; Deposits and consignations fund; L.C. Bpost; Credit institutions; Insurance undertakings; Payment institutions; Electronic money issuers; Settlement organizations, Mutual guarantee societies; Brokerage companies; Investment companies; Investment fund management companies; Alternative financing platforms; Market undertakings; Entities engaged in buying or selling foreign currencies; Intermediaries in banking and investment services; Independent financial planners; Insurance intermediaries; Lenders; Leasing companies; Entities (other than those listed in article 5§1, 4 ° to 21 °) exercising one of the activities listed in the article 4 al. 1er 2) to 12), 14) and 15) of the law of 25 April 2014 on the status and control of credit institutions and brokerage companies.
13 As listed under articles 132 §2, al.4 and 5§1 (23) to (33) of the Law: Company auditors; Accounting experts; Accountants; Notaries; Judicial officers; Lawyers; Service providers; Real estate agents, Diamond traders; Security companies; Owners of gambling services.
14 Art. 36/11, § 6(1) of the Law of 22 February 1998.
15 Art. 72, § 3(4) and (7) of the Law of 2 August 2002.
16 Art. 41 of the 1993 Law.
17 As listed under articles 136,1° and 5 §1 (1) to (10); (14); (17) to (22) of the Law: The National Bank of Belgium; Deposits and consignations fund; L.C. Bpost; Credit institutions; Insurance undertakings; Payment institutions; Electronic money issuers; Settlement organizations, Mutual guarantee societies; Brokerage companies; Alternative financing platforms; Intermediaries in banking and investment services; Independent financial planners; Insurance intermediaries; Lenders; Leasing companies; Entities (other than those listed in article 5§1, 4 ° to 21 °) exercising one of the activities listed in the article 4 al. 1er 2) to 12), 14) and 15) of the law of 25 April 2014 on the status and control of credit institutions and brokerage companies (see art. 136 and 5(1)(11) to (10), (14) and (17) to 22) of the Law.
18 As listed under articles 136, 2° and 5 §1 (11) to (13) (15) to (16) of the Law: Investment companies; Investment fund management companies; Market undertakings; Entities engaged in buying or selling foreign currencies (see art. 136 and 5(1)(11) to (13), (15) and (16)).
19 As listed under articles 136, 3° and 5§1 (23) to (33) of the Law: Company auditors; Accounting experts; Accountants; Notaries; Judicial officers; Attorneys; Service providers; Real estate agents; Diamond traders; Security companies; Gambling services owners.
20 This regime raises questions as it is an exception to the personality of criminal sanctions.