Belarus

New Documents

Turks and Caicos Islands AGC Amends Belarus Sanctions Entries

The Attorney General’s Chambers for the Turks and Caicos Islands issued a financial sanctions notice to regulated entities concerning the jurisdiction’s Belarus sanctions regime.

July 13, 2022

Belarus Regulator Participates in EAG Plenary Meeting

The State Control Committee of the Republic of Belarus highlighted its participation in the 35th Eurasian Group on Combating Money Laundering and the Financing of Terrorism Plenary.

December 8, 2021

Belarus Attends Meeting with AML/CTF Experts on Uzbekistan

August 6, 2021

Belarus Regulator Highlights AML/CTF Visit by EAG

August 6, 2021

Belarus Hosts Virtual Meeting to Discuss AML/CTF Measures

August 6, 2021

News

Weekly Roundup: US Treasury Finalizes Beneficial Ownership Rule, Russian Central Bank Chief Blacklisted, and More

Bankers cast doubt over U.K. anti-financial crime legislation, U.S. securities regulator adopts new penalty policy, and more, in the weekly roundup.

September 30, 2022

Midweek Roundup: FinCEN Fines BitMEX, SEC Penalizes Poloniex, and More

Ex-OCC director resigns as head of Binance’s U.S. operations, New Zealand dings Westpac for subpar reporting of suspicious transactions, and more, in the midweek roundup.

August 11, 2021

Midweek Roundup: Deutsche Bank Hit with German AML Fine, Germany’s FIU Discovers More Wirecard-linked STRs, and More

October 14, 2020

Weekly Roundup: Western Union Targets COVID-19 Fraud, Bank Shares Drop After FinCEN Files, and More

September 25, 2020

Midweek Roundup: ‘FinCEN Files’ Fallout Begins, Belarus Escapes EU Sanctions, and More

September 23, 2020

Enforcement Actions

0 Items Found

Key Documents

Belarus Passes Counter-Terrorism Law

January 3, 2002

Belarus Enacts Law on Measures Against Money Laundering, Terrorist Financing

July 19, 2000

Belarus Issues Law on Combating Organized Crime

June 14, 2010

Belarus Establishes Authority for Combating Money Laundering (in Russian)

July 26, 2012

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