Belgian expatriates no longer threatened with closure of their bank accounts in Belgium

Dear BMBC Members,
Dear Members, victims of bank closure,


As you may have read in today’s Belgian newspapers (see below), the Commission of the Belgian Parliament in charge of the bank account closure issue is reported to have approved a draft law submitted to them. This Commission is the “Commission de l’Economie”.

We do not have yet details of this law, modifying the “Code de droit économique” where the clauses allowing the banks to close accounts are present, in due accordance with some European “Compliance” directives.

The “SPF Economie” (Ministry of Economy) submitted 2 draft laws to Civil Society representatives, particularly the UFBE (Union Francophone des Belges à l’Etranger, representing expats), and we had the opportunity to read the drafts, and were requested for comments, which we did.

Indeed, the text provides an approval of SPF Economie, if a bank refuses a bank opening, or decides to close an account.
It also provides that Expats must enjoy at least “basic bank services”.
UFBE commented the latter qualification and other aspects of the law.
We do not have information yet about the final text, that will be submitted to Parliament, and do not know yet whether such comments were taken into consideration.

NEVERTHELESS WE SEE A SERIOUS PROGRESS in a long awaited legislation (compared to issue of similar legislation in France)

We will keep you informed about the details and about how banks will react, in reviewing their “derisking” procedures, once the law is passed.

We wish to thank the members who gave us testimony about their bank experience, you were very helpful.

Best regards
UFBE delegate for Mauritius

And on behalf of the
Belgian Mauritian Business Club

The Belgium Mauritian Business Club

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