Belarus

New Documents

The State Control Committee of the Republic of Belarus announced its participation in a meeting hosted by the Organization for Security and Cooperation in Europe on promoting financial stability. The meeting took place on Sep. 10 to 11, 2020.

The Eurasian Group on Money Laundering announced that the Republic of Belarus approved a draft treaty of the Commonwealth of Independent States on combating illicit finance.

Enforcement Actions

0 Items Found


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 : 101/162
Score : 5.42/10

TRANSPARENCY INTERNATIONAL i

Rank : 66/180
Score : 45/100

Tax Justice Network i

Rank : N/A
Score : N/A