Representatives of Belarus took part in expert meetings organized by the Financial Action Task Force

Personnel of the Financial Monitoring Department of the State Control Committee, the Financial Investigation Department of the State Control Committee, the National Bank and of several Belarusian banks took part in a joint expert meeting on money laundering and terrorist financing typologies and the "Risk Assessment" workshop in Moscow.

A total of 150 representatives of state bodies and more than 30 representatives of the private sector participated in these events, including: 

delegations from Financial Action Task Force (FATF) members; 

delegations from Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) members: Belarus, Russia, Kazakhstan, Kyrgyzstan, India, China, Uzbekistan and Turkmenistan; 

representatives of other FATF-style regional bodies, the European Commission and Europol. 

Participants discussed the on-going and planned FATF research projects into combating professional money laundering networks, financing of terrorism, inter-agency information exchange and national risk assessments. The issues considered at these meetings will be taken into account in the preparation of FATF guidelines and research findings. 

Representatives of Belarus presented the country's experience in combating professional money-laundering networks, participating in inter-agency information sharing, using the interbank customer identification system and applying a risk-based approach to financial transactions, which garnered the praise of the international community. 

Participants in the risk assessment workshop focused on preparations for the next round of mutual evaluations of compliance of national anti-money laundering and combating the financing of terrorism (AML/CFT) systems with the FATF recommendations and the national risk assessment guidance, a key component of the FATF recommendations. The main objective of national risk assessments is to develop a comprehensive and holistic understanding of the key components of risk: threats, vulnerabilities and consequences. It allows assessors to identify the sectors of the economy most at risk of money laundering and terrorist financing and develop a strategy to mitigate them. Such a strategy is key to the country's economic and financial security, as well as to the effective and efficient allocation of AML/CFT resources. Belarus is yet to conduct its first national ML/FT risk assessment. 

Participation by Belarusian representatives in the above activities will help improve the country's AML/CFT system, by utilizing the best international practices, and prepare it for the next round of mutual evaluations.  

The State Control Committee of the Republic of Belarus

 

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