Financial Crime World

Belarus’ Financial Monitoring Department: Cracking Down on Money Laundering and Terrorist Financing

In the heart of Europe, the Financial Monitoring Department (FMD) of the State Control Committee in Belarus has been a leading force in the country’s fight against financial crimes. Established in 2003, the FMD is a crucial step towards improving Belarus’ financial security and adhering to international anti-money laundering and counter-terrorist financing (AML/CFT) standards.

Objectives and Functions

The FMD’s primary objectives include:

  1. Effectively preventing money laundering and terrorist financing
  2. Implementing and maintaining an automated system for monitoring financial transactions
  3. Collaborating with international bodies on AML/CFT matters

To accomplish these goals, the FMD performs the following key tasks:

  1. Establishing the automated system for financial transaction monitoring
  2. Examining and verifying suspicious financial activity
  3. Participating in drafting AML/CFT legislation and treaties
  4. Studying international AML/CFT experiences and practices

Symbolic Representation

Belarusian Presidential Decree No.328 from 2012 granted the FMD a unique emblem, symbolizing its commitment to financial security. The emblem features a golden laurel wreath adorned with ribbons of Belarusian national colors, encircling the State Emblem and bearing a silver shield displaying crossed caduceus and a torch against a global backdrop.

Legislation and International Cooperation

Belarusian regulations, including Decree No.408 on the FMD’s establishment, Law No.165-Z on preventing money laundering and terror financing, and various council of ministers resolutions, provide a solid legal foundation for the FMD’s work. The department also maintains close ties with foreign competent authorities and international organizations to enhance its AML/CFT capabilities.

Effective Action against Financial Crimes

The FMD plays an essential role in combating money laundering and terrorist financing by:

  1. Requesting and receiving pertinent information
  2. Developing and maintaining the automated financial transaction monitoring system
  3. Enforcing AML/CFT legislation compliance
  4. Issuing orders for suspending financial transactions
  5. Investigating and reporting suspicious transactions
  6. Conducting inspections and audits
  7. Collaborating with international partners
  8. Exercising authorities granted by the relevant laws and presidential decisions

Contact Information

For further inquiries, interested parties can reach out to the FMD using the following contact details:

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