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Officials from Belarus’ State Control Committee, the General Prosecutor’s Office, the National Bank, the Investigation Committee and the Ministry of Internal Affairs participated in the Eurasian Group on Combating Money Laundering and Financing of Terrorism’s 40th plenary session.

Dmitry Zakharov, director of Belarus’ Department of Financial Monitoring of the State Control Committee, attended an anti-money laundering-related forum that took place in Russia.

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Important Facts

  • The U.S. State Department identifies Belarus as a jurisdiction of concern. Belarus is not a major financial center. Corruption and illegal narcotics trafficking are primary sources of illicit proceeds. The financial sector lacks transparency, primarily due to the lack of autonomy given to government financial institutions. There is a significant concentration of power within the top levels of government and a lack of checks and balances among government branches. As a result, Belarus has been the subject of numerous U.S. sanctions related to potential money laundering threats involving senior Belarusian government officials. Trade-based money laundering occurs primarily between Russian and Belarusian businesses through the use of front companies. The government passed several resolutions to tighten internal controls in the gaming industry in 2014.
  • KYC Covered Entities: Banks and non-bank financial credit institutions; professional operators of the securities market; persons engaged in exchange transactions, including commodity exchanges; insurance firms and brokers; postal service operators; and property leasing firms
  • STR Covered Entities:¬† Banks and non-bank financial credit institutions; professional operators of the securities market; persons engaged in exchange transactions, including commodity exchanges; insurance firms and brokers; postal service operators; and property leasing firms
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions:¬†Prosecutions: 21 (2015); Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 12 High : 0
Largely Compliant : 25 Substantial : 5
Partially Compliant : 3 Moderate : 5
Non-Compliant : 0 Low : 1

BASEL i

Rank : 49/110
Score : 5.04/10

TRANSPARENCY INTERNATIONAL i

Rank : 63/179
Score : 47/100

Tax Justice Network i

Rank : N/A
Score : N/A