FSMA publishes its 2025 annual report

09/07/2026

The FSMA has published its 2025 annual report. In it, the Belgian supervisory authority devotes considerable attention to its efforts in the fight against money laundering and terrorist financing, with a particular focus on the recent evaluation of Belgium by the Financial Action Task Force (FATF).

The evaluation report, published in December 2025, concludes that Belgium’s legal and institutional anti-money laundering framework largely complies with the international FATF recommendations. At the same time, the FATF notes that the supervision of the financial sector by the NBB and the FSMA could be further strengthened. For instance, the organisation calls for a more deterrent sanctions policy and a further strengthening of supervision, including through the allocation of additional resources to the supervisory authorities.

The FATF also acknowledges the significant progress Belgium has made since the previous evaluation in 2015. One of the priority recommendations, namely the introduction of a legal framework for the supervision of crypto-asset service providers (VASPs), has already been implemented.

In addition to the FATF evaluation, the FSMA emphasises in its annual report the importance of international cooperation, data-driven supervision and a risk-based approach to effectively combating financial crime.