Belarus Belarus

New Documents

Belarus: New Tech Introduced to Improve Fight Against Financial Crime

The Department of Financial Monitoring of the State Control Committee in the Republic of Belarus announced the introduction of information technology that will boost the jurisdiction’s fight against illicit financial flows.

March 5, 2024

Belarus Authorities Host Two-Day AML Workshop

The State Control Committee of the Republic of Belarus highlighted a two-day workshop titled, “Current Trends in the Global AML/CFT System,” which was attended by law enforcement and financial intelligence unit officials in late November 2023.

January 8, 2024

HM Treasury Adds 17 Individuals to Belarus Sanctions List

December 8, 2023

Belarus Financial Regulator Reports on Activities for the Beginning of 2023

August 17, 2023

Belarus Representatives Participate in Egmont Group Plenary

August 14, 2023

News

Midweek Roundup: EU Weighs Sanctions Relief for Russian Bank, Emojis Draw US Regulatory Concerns, and More

Latvia’s former central bank chief accused of extortion, Nigel Farage claims banks de-risked him, and more, in the midweek roundup.

July 5, 2023

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

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

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