Definition of money laundering within the local legal system
Money laundering is a form of concealment that exists when a person buys, trades, receives or manages goods that originate directly or indirectly from a crime, while this person knew, or must have known, the origin of these goods from the start of these actions.
Money laundering also exists when a person converts or transfers these goods with the express purpose of concealing their illegal origins, while this person knew or had to know the origin of these goods from the start of his/her action or when a person assists others involved in such illegal activities.
The Belgian Financial Intelligence Processing Unit (CFI) defines “money laundering” as follows:
- the conversion or transfer of money or assets for the purpose of concealing or disguising their illicit origin or assisting any person who is involved in the offence from which this money or these assets derive to evade the legal consequences of his actions;
- the concealment or disguise of the nature, source, location, disposal, movement or ownership of money or assets known to be of illicit origin;
- the acquisition, possession or use of money or assets known to be of illicit origin;
- participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the acts referred to in the foregoing three items.
For more detailed information, please visit the website of the Belgian Financial Intelligence Processing Unit (CFI):