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Belarus: How to Prevent Money Laundering

The European Union and the Council of Europe have launched a new project aimed at combating money laundering and terrorist financing in Belarus. The “Countering Money Laundering and Terrorism Financing in Belarus” project will run for 36 months, starting from January 2019, with a budget of €200,000.

Enhancing Institutional Framework

According to experts, the project aims to enhance the compliance of Belarus’ Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) institutional framework with international standards and good practices. To achieve this, the project will focus on two main areas: prevention and enforcement.

Prevention

  • Provides guidance and capacity building for improved financial intelligence and risk-based supervision.
  • Develops operational capacities and facilitates the adoption of good practices among relevant institutions.

Enforcement

  • Strengthens the capacities of law enforcement agencies and judiciary officials to investigate, prosecute, and adjudicate money laundering and terrorist financing cases.

Expected Outcomes

The project is expected to achieve two main outcomes:

  • Comprehensive measures and detection of money laundering and terrorist financing are in place.
  • The use of a risk-based approach to supervision is increased.

To achieve these outcomes, the project will implement various activities, including:

  • Provision of expert advice
  • Workshops
  • Trainings
  • Roundtables

Project Implementation

The State Control Committee of Belarus is the main counterpart for this project, with other beneficiaries including:

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

The Council of Europe’s Economic Crime and Cooperation Division will be responsible for implementing the activities under this project, engaging international experts and local experts from Eastern Partnership countries to ensure high-quality assistance.

Additional Information

For more information about the project, please visit the official website at https://www.coe.int/en/web/corruption/projects/pgg-ii-belarus.