Thousands of Belgians living outside the EU are currently unable to open a bank account in Belgium, for no valid reason. The government has finally decided to put an end to this absurd situation.
MR federal MP Michel De Maegd has for many months deplored the situation faced by numerous Belgian expatriates. The problem stemmed partly from banks' overly restrictive interpretation of European anti-money laundering and counter-terrorism financing (AML/CTF) rules. This situation led to wrongful account closures and refusals to open accounts, hampering the financial and operational activities of Belgian expatriates and Belgian companies abroad.
To address this situation, the MP had tabled a motion for a resolution last June to simplify the law.
In response, the government will amend Book VII of the Economic Law Code to extend the right to basic banking services to Belgian individuals residing outside the European borders.
In practice, the criterion of Belgian nationality will now be used instead of residence in Belgium. This is an objective criterion that allows credit institutions to carry out the identity checks required when opening a payment account under their anti-money laundering obligations. "I am delighted that the government is following my resolution to guarantee the same rights for all Belgians. This situation plunged too many residents abroad into intractable problems, such as arbitrary bank account closures, with all the negative consequences one can imagine," stresses Michel De Maegd.The text was adopted at first reading in the Chamber's Economy Committee. It will be definitively approved in a few weeks.