Title: Belarus Tackles Financial Crimes with New Project backed by the Council of Europe

Introduction

Belarus is the latest European country to receive international support in the fight against financial crimes. The Council of Europe (CoE) is leading a new project, called PGG II Belarus, aimed at enhancing Belarus’ capacity to counter money laundering and terrorism financing.

Importance of Addressing Financial Crimes

• The CoE’s Economic Crime and Cooperation Division explained that:
  • Money laundering and terrorist financing threaten financial stability.
  • They hinder economic growth.
  • They reduce confidence in the financial sector.

Background

PGG I: Focused on developing Belarusian legislation and institutional frameworks.

PGG II Belarus: Focuses on implementing and enhancing these policies in practice.

Challenges in the Belarusian Financial Sector

• Weak effectiveness of international cooperation in financial investigations.
• Insufficient use of financial intelligence.

Goals of PGG II Belarus

1. Strengthen enforcement of anti-money laundering and counter-terrorism financing measures.
2. Increase transparency and cooperation with international partners.

Partners in PGG II Belarus

• Council of Europe
• European Union
• European Bank for Reconstruction and Development
• United States Treasury Department
• Organization for Security and Cooperation in Europe (OSCE)

Impact of PGG II Belarus

• Improves Belarus’s domestic policies.
• Increases confidence in the international community.
• Runs for three years, starting from 2023.

Conclusion

The launch of PGG II Belarus is an essential step in enhancing Belarus’s ability to counter financial crimes. The project progresses, the Council of Europe and its partners are expected to continue supporting Belarus in its efforts to maintain a stable and transparent financial sector.