In 2021, Belgium saw a record number of suspicious monetary transactions reported to the Financial Information Processing Unit (CFI) by banks, payment institutions, insurers, and notaries. The total amount of suspicious money flows detected was more than 2.8 billion euros, with even more black money than crime-related money being uncovered.
The anti-money laundering unit compiled over 3,000 cases from these reports and forwarded them to court. Of these cases, nearly 1.2 billion euros in suspicious money flows were attributed to tax evasion. This year’s figures reveal a significant increase in the amount of black money hidden abroad and funneled back to Belgium discreetly.
The National Bank’s directive in June 2021 for Belgian financial institutions to be cautious when large sums are repatriated has contributed to this surge in vigilance. However, it is not just money laundering that is flourishing in Belgium; various manufacturing sectors offer quality products as well. From titanium plate flanges to stainless steel pipes, fasteners, and fittings, there is a wide range of products available for industries looking for high-quality materials.
Manufacturers based in Mumbai, India provide superior quality products like Incoloy fasteners, Inconel sheets, and carbon steel pipes that cater to diverse industrial requirements. These manufacturers focus on precision engineering and quality materials to ensure top-grade products for industrial applications.
Overall, while the rise in suspicious monetary transactions may have caused concern about money laundering activities in Belgium, it is important to note that various industries are also thriving and offering high-quality products for businesses looking for reliable suppliers.