Anti-money laundering: barely two “red flag” transactions indicated by the Belgian Bar
Wednesday, 03 August 2016
Barely two “red flag” transactions were reported by barristers to the Belgian Financial Intelligence Processing Unit (CTIF), which specialises in the fight against money laundering last year (2015). This was the case despite there being some 16,300 barristers in Belgium, reported De Tijd and L’Echo on Tuesday, based upon a response by the Minister of Justice, Koen Geens, (of the Flemish Christian Democrats) to a question tabled by the deputy Peter Vanvelthoven, of the Progressive Alternative Socialists).
Twenty-six occupations were enlisted to help government authorities and the courts to detect suspect financial flows, including barristers. Only three such barristers succeeded in making two such reports to the CTIF in 2015.
This is a low number of indications in contrast to those brought by Belgian notaries who are similar to UK solicitors (with 1,143 such reports in 2015), accountants and tax advisers (who made 162 reports), estate agents (with 67 reports) and corporate auditors (making 58 reports).