Financial Crime World

Money Laundering Detection Methods in Belarus: A Glimpse into the Country’s Financial Monitoring Department

In a bid to improve its anti-money laundering and combating the financing of terrorism (AML/CFT) efforts, the Republic of Belarus established the Financial Monitoring Department of the State Control Committee in 2003. The department is tasked with preventing the legalization of proceeds obtained through crime and financing of terrorist activities.

Objectives

The main objectives of the Financial Monitoring Department include:

  • Establishing an automated system for recording, processing, and analyzing information about financial transactions that are subject to special control
  • Pursuing international cooperation on AML/CFT matters
  • Taking effective measures to prevent the legalization of proceeds obtained through crime and financing of terrorist activities

Activities

To achieve these goals, the Financial Monitoring Department engages in various activities, including:

  • Determining procedures for establishing the automated system
  • Collecting and analyzing information about suspicious financial transactions
  • Verifying incoming information
  • Identifying red flags indicating potential money laundering or terrorism financing
  • Participating in drafting laws and regulations related to AML/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

Leadership

The Financial Monitoring Department is headed by Director Vyacheslav Reut and operates under a legal framework that includes:

  • Decree No.408 of the President of Belarus dated September 19, 2003
  • Various resolutions of the Council of Ministers of the Republic of Belarus

Contact Information

If you need to get in touch with the Financial Monitoring Department, you can:

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

Conclusion

The Financial Monitoring Department of the State Control Committee is a key player in Belarus’s efforts to combat money laundering and terrorism financing. Its activities are guided by international legislation and its head is Director Vyacheslav Reut.