Financial Crime World

Money Laundering in Belarus: What You Need to Know

Introduction

The Financial Monitoring Department of the State Control Committee of the Republic of Belarus was established in 2003 with a mission to prevent the legalization of proceeds obtained through crime and financing of terrorist activities.

Objectives

The department’s main objectives are:

  • To take effective measures to prevent the legalization of proceeds obtained through crime and financing of terrorist activities
  • To establish and ensure the functioning of an automated system for recording, processing, and analyzing information about financial transactions subject to special control
  • To pursue international cooperation on matters related to preventing the legalization of proceeds obtained through crime and financing of terrorist activities

Achieving Objectives

To achieve its objectives, the department:

  • Determines the procedure for establishing the automated system
  • Collects and analyzes information about suspicious financial transactions
  • Verifies incoming information in a prescribed manner
  • Identifies red flags indicating that financial transactions are related to money laundering or terrorist financing
  • Participates in drafting laws and regulations on matters related to anti-money laundering (AML) and combating the financing of terrorism (CFT)

International Cooperation

The department also:

  • Studies international AML/CFT experience and practices
  • Contributes to the development and implementation of international cooperation programs
  • Exercises other powers set out in laws and decisions of the President of Belarus

Belarus has a comprehensive legal framework for preventing money laundering and terrorist financing. The country is a member of the Financial Action Task Force (FATF) and has committed to implementing the FATF recommendations on combating money laundering and terrorist financing.

Director and Contact Information

The director of the department is Vyacheslav Reut, who is responsible for overseeing the activities of the department and ensuring that it carries out its duties in accordance with the law. The department’s contact information includes:

  • Phone numbers
  • Fax numbers
  • Email addresses
  • Official website: [insert URL]
  • Address: 5 Karl Marx Street, Minsk, 220030, Republic of Belarus

Conclusion

Money laundering is a serious crime in Belarus, and the country has implemented measures to prevent it. The Financial Monitoring Department of the State Control Committee of the Republic of Belarus plays a key role in combating money laundering and terrorist financing, and the department’s activities are guided by international standards and best practices.