Financial Crime World

Belarus’ Efforts to Combat Money Laundering and Terrorist Financing

Strengthening Financial Intelligence and Law Enforcement Agencies

Belarus has taken significant steps to combat money laundering (ML) and terrorist financing (TF), strengthening its financial intelligence system and law enforcement agencies in the process. According to a recent report, Belarus’ law enforcement agencies have wide access to various sources of information, including financial intelligence, which they actively use to execute their powers.

Financial Intelligence Unit

The Financial Intelligence Unit (DFM) is responsible for analyzing and disseminating financial intelligence to relevant authorities. The DFM’s efforts have been praised by international bodies, and its results are used by all law enforcement agencies in conducting investigations of criminal cases and identifying perpetrators of predicate offenses.

Belarus has established a unified legal framework and single competent authority responsible for combating the financing of proliferation of weapons of mass destruction and terrorism financing. This demonstrates the country’s commitment to international standards and best practices.

Preventive Measures

To mitigate ML/TF risks, Belarus has implemented preventive measures, including:

  • Enhanced customer due diligence (CDD) measures
  • Monitoring of transactions
  • All financial institutions and designated non-financial businesses and professions (DNFBPs) have demonstrated an understanding of ML/TF risks based on their own comprehensions, the findings of the National Risk Assessment (NRA), and training provided by competent authorities.

Supervision

Supervision is a key aspect of Belarus’ efforts to combat ML/TF. The country’s supervisory authorities have demonstrated a good understanding of ML/TF risks in the supervised sectors, and risk-based supervision is set out in law and applied in the country. However, there are some areas for improvement, including:

  • Developing specialized criteria that take into account AML/CTF risk factors to be developed by all supervisory authorities.

Conclusion

Overall, Belarus’ efforts to combat ML/TF demonstrate a commitment to international standards and best practices. While there is still work to be done, the country’s progress in this area is a positive step towards ensuring the integrity of its financial system.