In recent years, Belgian citizens have found themselves facing questions from their banks regarding the source of their money. Despite having held these funds in their accounts for many years, banks are increasingly concerned about ensuring that the money is not linked to any criminal activities.
To combat money laundering, banks are reporting suspicious transactions to the Financial Intelligence Processing Unit (CFI). The number of reported transactions has been on the rise, with 40,129 in 2023. The CFI then conducts further investigations and may alert the public prosecutor of any suspicious activities.
One of the challenges faced by banks in this regard is obtaining historical evidence of the origin of funds dating back over thirty years. Tax lawyer Paul Verhaeghe explains that bank statements, for example, are typically only required to be kept for 10 years, making it difficult to provide such documentation. However, banks are determined to comply with legal regulations and ensure that all financial activities do not support illegal activities.
In 2023, 1,316 cases were reported to the public prosecutor involving a total of 2.4 billion euros. While investigations are ongoing, the funds in question remain frozen as part of this heightened scrutiny aimed at ensuring compliance with legal regulations and preventing illegal activities.
Overall, Belgians should be aware that their bank accounts may be subject to increased scrutiny and requests for information regarding the source of their funds. It is important to keep accurate records and maintain transparency in all financial dealings to avoid any potential issues down the line.
