Belarus Grapples with Growing Threat of Money Laundering

The Republic of Belarus, a country in Eastern Europe, is facing a significant challenge in combating money laundering and terrorist financing. To address this issue, the European Union (EU) and the Council of Europe (CoE) have launched a joint project aimed at strengthening measures to respond to these threats.

Background

Belarus has been grappling with the growing threat of money laundering, which poses a significant risk to its economy, financial stability, and national security. Experts note that money laundering can distort market competition, undermine trust in institutions, and facilitate other forms of economic crime.

EU/CoE Partnership for Good Governance Programme

The EU/CoE Partnership for Good Governance programme is a comprehensive initiative aimed at supporting Eastern Partnership countries in their efforts to combat economic crime and promote good governance. The project is one of six interventions under the second phase of this programme and aims to enhance compliance with international standards and good practices in Belarus’s Anti-Money Laundering and Combatting Financing of Terrorism institutional framework.

Objectives

The ultimate goal of the project is to strengthen institutions involved in fighting money laundering and terrorist financing by developing operational capacities and promoting adoption of best practices. The project aims to address concerns related to money laundering, including:

• Distorting market competition
• Undermining trust in institutions
• Facilitating other forms of economic crime

Implementation

The EU/CoE Partnership for Good Governance programme is implemented by the Council of Europe, in partnership with the European Union, and is funded by the EU. The project is designed to support Belarus in achieving its anti-corruption objectives set out in priority area “Strengthening the rule of law and anti-corruption mechanisms” as part of the EU 2020 targets.

Contact Information

For more information on this project, please contact:

• Mr Evgeni EVGENIEV, Head of Unit for Eastern and South-Eastern Europe (E & SEE)
  • Phone: +33 (0)3 88 41 25 11
  • Fax: +33 (0)3 88 41 39 55
  • Email: Evgeni.EVGENIEV@coe.int

Conclusion

The joint project between the EU and CoE aims to strengthen measures to detect and prevent money laundering and terrorist financing in Belarus. By promoting good governance and combating economic crime, the project will contribute to a more stable and secure environment for businesses and individuals alike.