Financial Crime World

Belarus Takes Steps to Combat Financing of Crime and Terrorism

Minsk, Republic of Belarus - The Republic of Belarus has made significant progress in combating the financing of crime and terrorism, according to a new report. The country’s authorities have implemented a range of measures aimed at preventing the misuse of financial institutions for illegal activities.

Forced Forfeiture of Assets

One of the key measures is the forced forfeiture of assets seized from criminals, which includes instrumentalities of crime, items withdrawn from circulation, and proceeds derived from their use. This procedure has been widely used in Belarus to deprive criminals of their ill-gotten gains.

Effective Practices

The report also highlights Belarus’ effective practice in combating terrorism-related crimes and possible cases of terrorist financing. The country’s authorities have demonstrated a proper understanding of the risks posed by terrorism financing (TF) and have taken steps to prevent it, including:

  • Monitoring individuals suspected of involvement in terrorist activities
  • Identifying non-profit organizations (NPOs) that may be at risk of being used for TF purposes

Belarus has a unified legal framework and a single competent authority responsible for combating the financing of proliferation of weapons of mass destruction and terrorism financing.

Financial Institutions’ Understanding of AML/CFT Obligations

Financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) in Belarus have demonstrated an understanding of anti-money laundering and combating the financing of terrorism (AML/CFT) obligations. Many FIs and DNFBPs take measures to mitigate money laundering/terrorist financing risks through:

  • Enhanced customer due diligence
  • Transaction monitoring

Risk-Based Supervision

The report also highlights the importance of risk-based supervision, which is set out in law in Belarus. While the country’s supervisors have demonstrated a good understanding of money laundering/terrorist financing risks, there are areas for improvement, including:

  • Developing specialized criteria that take into account AML/CFT risk factors

Conclusion

Overall, the report concludes that Belarus has made significant progress in combating the financing of crime and terrorism, but there is still more work to be done to ensure the country’s financial system remains robust against these threats.