Financial Crime World

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Belarus Takes Step to Combat Money Laundering and Terrorism

In an effort to improve its system for preventing the legalization of proceeds obtained through crime and financing of terrorist activities, the Republic of Belarus has established the Financial Monitoring Department of the State Control Committee.

Creation and Objectives

The department was created in 2003 as a response to Decree No.408 issued by President Alexander Lukashenko. The main objectives are:

  • To prevent the legalization of proceeds obtained through crime and financing of terrorist activities
  • To establish an automated system for recording and analyzing financial transactions
  • To pursue international cooperation on these matters

Responsibilities

As part of its duties, the Financial Monitoring Department:

  • Determines the procedure for establishing the automated system
  • Collects and analyzes information about suspicious financial transactions
  • Verifies incoming information
  • Identifies red flags indicating illegal activity
  • Participates in drafting laws and regulations related to anti-money laundering (AML) and combating the financing of terrorism (CFT)
  • Studies international AML/CFT experience and practices
  • Contributes to the development and implementation of international cooperation programs

Emblems

In 2012, Decree No.328 approved official heraldic symbols for the State Control Committee and its Financial Monitoring Department. The emblem features a golden laurel wreath intertwined with ribbons of the colors of the Belarusian flag, symbolizing the department’s commitment to combating financial crime.

Leadership

The Financial Monitoring Department is headed by Director Vyacheslav Reut, who oversees the department’s activities and ensures compliance with AML/CFT legislation.

AML/CFT Activities

Some of the key activities performed by the Financial Monitoring Department include:

  • Requesting and receiving information required for implementing its duties
  • Developing and ensuring the functioning of the automated system for recording, processing, and analyzing financial transactions
  • Overseeing compliance by entities engaged in financial transactions with AML/CFT legislation
  • Preventing violations of AML/CFT legislation
  • Applying enforcement measures against entities and natural persons for breaches of AML/CFT legislation
  • Suspending debit financial transactions when there is sufficient evidence indicating illegal activity

Contact Information

Phone: +375 (17) 328-39-61 Fax: +375 (17) 328-39-61 Email: dfm_kgk@mail.belpak.by Official Website: kgk.gov.by Address: 5, Karl Marx Street, Minsk, 220030, Republic of Belarus