Duty to identify
Under the Belgian anti-money laundering legislation (Act of 11 January 1993 on Preventing the Use of the Financial System for Money Laundering) designed to combat money laundering and financing of terrorism, the lawyers, advisers and accountants of TAXPATRIA® are required to report certain transactions and comply with a number of administrative obligations.
Suspicious transactions must be reported to the Head of the Bar Association or other relevant professional organisation, who, in turn, transmits the information to the Belgian Financial Intelligence Processing Unit (CTIF-CFI). This reporting requirement does however not apply if the situation concerned involves advice regarding or assistance in potential or pending legal proceedings.
In addition, the lawyers, advisers and accountants of TAXPATRIA® have a duty to ‘identify the clients’ (i.e. ascertain the client’s identity with supporting documents) in certain types of transactions.