Financial Crime World

Belarus Cracks Down on Financial Crime with Stringent Investigation Methods

Minsk, Belarus - In its ongoing efforts to combat financial crime, Belarus has put in place a robust legal framework and investigative methods to identify and prosecute money laundering and terrorist financing offenses.

AML Legislation and Regulatory Framework

The country’s anti-money laundering (AML) legislation, passed in 2005, provides the necessary legal and organizational framework for combating these crimes. Financial institutions are required to adhere to strict standards and criteria outlined in the law, with penalties ranging from substantial fines to up to 10 years’ imprisonment for non-compliance.

Department of Financial Monitoring (DFM)

Belarus has also established a Department of Financial Monitoring (DFM), which serves as the country’s version of a financial intelligence unit (FIU). The DFM is responsible for:

  • Monitoring and analyzing financial transactions
  • Gathering and disseminating financial intelligence
  • Examining evidence of money laundering
  • Working closely with law enforcement agencies to prosecute offenders

Central Bank of Belarus

The Central Bank of Belarus plays a crucial role in the country’s AML efforts, serving as the primary regulator of banking and other financial institutions. It is responsible for:

  • Monitoring suspicious transactions
  • Reporting them to its Department of Bank Monitoring

Government Agencies Involved in Combating Financial Crime

Several government agencies are involved in combating money laundering and terrorist financing, including:

  • General Prosecutor’s Office
  • Ministry of Internal Affairs
  • State Customs Committee
  • Operational and Analytical Center under the President of Belarus
  • Financial Investigation Department of the State Control Committee

Comprehensive AML/CFT Regulatory Framework

Belarus has a comprehensive AML/CFT regulatory framework in place, with a range of laws and regulations to prevent and detect financial crime. These include:

  • Law on Combating Terrorism
  • Law on Prosecutor’s Office
  • Code of Administrative Offences
  • And others

International Standards Compliance

Belarus has also implemented measures to comply with international standards set by the Financial Action Task Force (FATF), including:

  • Adopting risk-based AML/CFT processes
  • Conducting customer due diligence
  • Monitoring transactions
  • Screening for politically exposed persons (PEPs)
  • Monitoring adverse media reports

Ongoing Efforts

As Belarus continues to strengthen its AML efforts, it remains committed to combating financial crime and protecting the integrity of its financial system.