Financial Crime World

Title: Belarus’ Financial Monitoring Department: Preventing Money Laundering and Terrorist Financing

Establishment and Major Goals

The Financial Monitoring Department (FMD) of the State Control Committee in Belarus was established Decree No.408 in 2003. Its mission:

  1. Effective measures against money laundering and terrorist financing.
  2. Operating and maintaining an automated system for recording, analyzing, and processing susceptible financial transactions.
  3. Fostering international cooperation on financial crimes prevention.

Functions and Responsibilities

The FMD carries out a range of responsibilities:

Domestic Tasks

  1. Establishing procedures for the automated system of financial transaction control.
  2. Analyzing and verifying suspicious financial transactions.
  3. Participating in domestic legislations and treaties drafting.

International Collaboration

  1. Collaborating with foreign counterparts on anti-money laundering (AML) and counter-terrorist financing (CTF) efforts.
  2. Keeping abreast of global AML/CTF developments.

Symbols

Decree No.328 of 2012 introduced the emblems of the State Control Committee (SCC) and its Financial Monitoring Department [[#heraldic-symbols]].

The FMD acts within the framework of various legislations and resolutions [[#legal-foundation]], including:

  • Decree No.408
  • Law No.165-Z
  • Decree No.367
  • Decree No.1249
  • Decree No.1256
  • Decree No.735
  • Decree No.1193
  • Decree No.379
  • Decree No.954

Headed by

Director Vyacheslav Reut oversees the department’s activities.

AML/CFT Activities

The FMD performs the following duties:

  1. Requesting and obtaining necessary information for its functions.
  2. Developing and maintaining the financial transaction control system.
  3. Inspecting institutions to ensure adherence to AML/CTF regulations.
  4. Imposing penalties for AML/CTF law breaches.
  5. Suspending or resuming financial transactions based on evidence.
  6. Sharing relevant information with law enforcement agencies.
  7. Conducting inspections and audits.
  8. Issuing mandatory decisions for all concerned parties.
  9. Requests for international cooperation and collaborations.

Contact Information

Connect with the Financial Monitoring Department for inquiries:

  • 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