In 2021, Belgium recorded its highest ever number of suspicious money flows, totaling over 2.8 billion euros. This was largely due to an increase in the volume of black money compared to crime-related funds, as reported by De Tijd and De Standaard.
Several entities including banks, payment institutions, insurers, and notaries made a record-breaking 79,211 suspicious monetary transactions to the Financial Information Processing Unit (CFI), up from the previous year’s 53,923 reports. The anti-money laundering unit then compiled over 3,000 files related to these transactions and forwarded them to court.
Out of these cases referred to court, a quarter were related to serious tax fraud, amounting almost 1.2 billion euros in suspicious money flows – a substantial increase from previous years. One factor contributing to this surge in reported funds is the repatriation of large sums of black money that had been concealed abroad for years and surreptitiously brought back to Belgium last year. The National Bank’s directive in June 2021 for increased vigilance by financial institutions regarding untaxed repatriated funds is reflected in the rise in reported suspicious money flows.
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