Belgium incorporates 5AMLD into state law

On Wednesday, the Belgian Act of 20 July 2020 “laying down miscellaneous provisions on the prevention of money laundering and terrorist financing and on the limitation of the use of cash” was incorporated into state law.

This new act is intended to implement provisions of AMLD5 that were not yet included in Belgian law, by thoroughly amending the AML Act. So far, only the provisions of AMLD5 in relation to the ultimate beneficial owner register (“UBO register”) were transposed into Belgian law.

With these new amendments, AMLD5 is now enforced in Belgium. These rules will enter into force around 15 August 2020, with a few exceptions such as some regulations in relation to football clubs, which will come into action as of 1 July 2021 (with a possible extension of 6 months).

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