Financial Crime World

Title: Belarus’ Financial Monitoring Department: Shielding the Economy from Money Laundering and Terrorist Financing

Background

The Financial Monitoring Department (FMD) of the State Control Committee in Belarus was established in 2003 to strengthen financial crime prevention measures. Headed by Director Vyacheslav Reut, the department is primary mission is to combat money laundering (ML) and terrorist financing (TF) activities within the Republic.

Main Mission

The FMD’s objectives include:

  1. Implementing robust measures to prevent ML and TF activities.
  2. Developing and maintaining an automated system for recording, processing, and analyzing financial transactions subject to special control.
  3. Cultivating international partnerships to share information and best practices.

Fighting Financial Crimes

Under its mandate, the FMD is responsible for:

  • Determining procedures for the automated system.
  • Collecting and analyzing suspicious transactions.
  • Verifying incoming information.
  • Collaborating on drafting laws and international treaties.
  • Studying international AML/CFT experience and practices.

Emboldened Emblems: The State Control Committee and the FMD

In 2012, the State Control Committee and its departments, including the FMD, received official heraldic symbols. The FMD’s emblem features a golden laurel wreath, the State Flag’s ribbons, the National Emblem, a silver shield displaying crossed caduceus and a torch over a globe.

The FMD tackles financial crimes using various legislative instruments, such as:

  1. Decree No. 408 on Establishing the Financial Monitoring Department.
  2. Law No. 165-Z on Measures for Prevention of Legalization of Criminal Proceeds, Financing of Terrorism.
  3. Resolutions detailing procedures for filing and registering financial transactions.

International Cooperation

The FMD’s work is not limited to Belarus’ borders. The department maintains cooperation with international organizations and foreign competent authorities to stay informed about the latest AML/CFT developments and trends.

Contact Information

For further assistance or information sharing, individuals and organizations can contact the FMD at:

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