Financial Crime World

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Belarus Takes Strides to Prevent Money Laundering

MINSK, BELARUS - In a bid to combat money laundering and terrorist financing, the Financial Monitoring Department of the State Control Committee of the Republic of Belarus has been established to improve the country’s measures against these illegal activities.

Establishment of the Department

The department was set up in accordance with Decree No.408 of the President of the Republic of Belarus dated September 14, 2003, aimed at preventing the legalization of proceeds obtained through crime and financing of terrorist activities.

Objectives of the Financial Monitoring Department

  • Take effective measures to prevent the laundering of criminal proceeds and financing of terrorist activities
  • Establish and ensure the functioning of an automated system for recording, processing, and analyzing information about financial transactions subject to special control
  • Pursue international cooperation in these areas

Responsibilities of the Department

  • Determine the procedure for setting up the automated system
  • Collect and analyze suspicious financial transactions
  • Verify incoming information
  • Identify red flags indicating illegal activities
  • Participate in drafting laws and regulations
  • Study international best practices on anti-money laundering and counter-terrorism financing (AML/CFT)

International Cooperation

The Financial Monitoring Department works closely with international organizations to develop and implement AML/CFT cooperation programs.

Emblems of the Financial Monitoring Department

In 2012, Decree No.379 of the President of the Republic of Belarus established the emblem of the Financial Monitoring Department, which consists of a combination of colors symbolizing professionalism, integrity, and vigilance in fighting money laundering and terrorist financing.

Head of the Financial Monitoring Department

The department is headed by Director Vyacheslav Reut, who oversees the activities of the department and ensures that its objectives are achieved.

AML/CFT Activities

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

  • Requesting and receiving information required for implementation of its duties
  • Developing and ensuring the functioning of the automated system
  • Overseeing compliance with AML/CFT legislation
  • Developing measures to prevent violation of AML/CFT laws
  • Applying enforcement measures against entities and natural persons for breaches of AML/CFT laws
  • Disseminating relevant information and documents to criminal prosecution agencies

Contact Information

For further inquiries or information, please contact:

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