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Border Remittances: Belarusian Authorities Express Confidence in Secure Transactions

Minsk, Belarus - The authorities in Belarus have expressed confidence that no significant informal transfer activity takes place, despite concerns about money laundering and terrorist financing.

Insurance Sector

The country’s insurance sector is comprised of 34 registered companies, with 31 currently licensed and operational. However, the sector remains underdeveloped, with life insurance not well developed and general insurance largely dominated by mandatory coverage.

Securities Market

In addition, the securities sector is small, with 131 firms licensed to operate in the market. Trading activity is dominated by government securities and NBRB securities, while transactions in corporate shares are limited due to a lack of publicly traded companies.

Designated Non-Financial Businesses and Professions (DNFBPs)

The most important DNFBPs in Belarus include:

  • Lawyers
  • Notaries
  • Auditors
  • Real estate agents
  • Casinos

These sectors are governed by specific legislation and regulation, with only notaries and casinos currently subject to the Anti-Money Laundering (AML) Law.

Revised AML Law

The authorities have drafted a revised AML Law in line with the 2003 Financial Action Task Force (FATF) Recommendations, and have signaled an intention to address deficiencies in current AML/CFT arrangements. The law requires financial institutions and certain DNFBPs to take preventive measures, including:

  • Recording and reporting of financial operations
  • Customer identification
  • Retention of records

Oversight

Oversight of these measures falls to several agencies, including:

  • State Control Committee (SCC)
  • Ministry of Taxation and Duties (MTD)
  • Primary functional regulators

The authorities have also issued implementing regulations and recommendations to ensure compliance with AML/CFT requirements.

Preventive Measures

In addition to banks, the preventive measures obligations imposed by the AML Law also apply to persons engaged in financial operations in:

  • Securities
  • Insurance
  • Investment funds
  • Other sectors

Source: Ministry of Finance, Republic of Belarus