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 robust anti-bribery laws that criminalize the bribing of foreign officials and hold both individuals and companies accountable for corruption. The enforcement of these laws is managed by the Ministry of Justice and the Ministry of the Interior, although a dedicated anti-corruption unit is currently understaffed. Despite concerns about corruption in government procurement and public works, American companies do not view it as a significant barrier to investment.

Belgium has a highly developed and open economy, benefiting from a well-educated workforce and strong infrastructure that supports various sectors, including chemicals, pharmaceuticals, and technology. The government has implemented measures to enhance economic competitiveness, such as reducing corporate tax rates and introducing a minimum tax for multinational corporations. In 2023, Belgium experienced steady economic growth of 1.5%, driven by domestic demand, despite facing challenges like labor shortages and rising public debt.

Belgium offers a competitive investment climate characterized by a well-educated workforce and strong infrastructure, making it an attractive destination for U.S. investors. The government has taken steps to enhance economic competitiveness, including reducing the corporate tax rate from 35% to 25% and implementing a minimum tax for multinational corporations. Additionally, Belgium's open economy and strategic location as a logistical gateway to Europe further bolster its appeal for foreign direct investment.