Financial Crime World

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Belarus Fights Money Laundering and Terrorism Financing with EU Support

The European Union (EU) has partnered with the Council of Europe to launch a project aimed at countering money laundering and terrorism financing in Belarus. The “Countering Money Laundering and Terrorism Financing in Belarus” project, which kicked off on January 1, 2019, aims to strengthen institutions involved in fighting these financial crimes.

Background

Belarus’ small-scale economy makes it vulnerable to money laundering and terrorist financing threats, prompting the need for enhanced measures to prevent these financial crimes. The project’s primary focus is on strengthening institutions involved in the fight against money laundering and terrorist financing by developing operational capacities and facilitating the adoption of good practices.

Objectives

The project will concentrate on two key areas:

  • Prevention: Guidance and capacity building for improved financial intelligence and risk-based supervision.
  • Enforcement: Strengthening law enforcement agencies’ and judiciary’s capabilities to investigate, prosecute, and adjudicate money laundering and terrorist financing cases.

Expected Outcomes

The expected outcomes include:

  • Establishment of comprehensive measures and detection of money laundering and terrorist financing.
  • Increased use of a risk-based approach to supervision.

To achieve these goals, the project will provide:

  • Expert advice
  • Workshops
  • Trainings
  • Roundtables for key stakeholders

Counterparts and Implementation Arrangements

The State Control Committee of Belarus is the main counterpart for the project. Other beneficiaries include:

  • General Prosecutors Office
  • Financial Monitoring Department
  • National Bank
  • Ministry of Foreign Affairs

Implementation arrangements are being handled by the Council of Europe’s Department of Action against Crime through its Economic Crime and Cooperation Division. International and local experts will be engaged to ensure high-quality assistance is delivered to beneficiary institutions.

More Information

For more information on the project, visit https://www.coe.int/en/web/corruption/projects/pgg-ii-belarus.

Note: The budget for the project is EURO 200,000 and will run for 36 months.