Belarus
Since day one of the Eurasian Group on combating money laundering and financing of terrorism (EAG), Belarus has been an active contributor.
The 9th EAG Plenary elected Mr. Valeriy Yaroshevsky, Director of the Financial Monitoring Department of the State Control Committee of Belarus, as EAG Deputy Chairman.
Belarus underwent EAG mutual evaluation in July-August 2008 and passed a number of laws and bylaws on combating money laundering and terrorist financing, including in compliance with nearly all recommendations of Egmont Group, resulting in the Belarusian FIU being admitted to Egmont membership in May 2007.
Belarus has formed a permanent working group on interaction with the private sector. It both drafts legislation and researches typologies.
Financial intelligence unit – the Financial Monitoring Department (FMD) of the State Control Committee of Belarus
Overview
The Financial Monitoring Department (FMD) of the State Control Committee of Belarus was formed pursuant to Sept. 14, 2003, Order No.408 of the Belarusian President. The FMD received extended powers under the Apr. 19, 2006, Order of the Belarusian President.
The FMD is an administrative-type FIU.
The Financial Monitoring Department is a body tasked with preventing money laundering and financing of terrorism, created by decision of the Belarusian President under current legislation.
Goals and tasks
Under its terms of reference, this FIU gathers and analyzes information on suspicious financial transactions and forwards the relevant information and materials to criminal prosecution authorities when there is sufficient reason to believe that a financial transaction is associated with money laundering or financing of terrorism.
Key tasks:
Key tasks of the Department:
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Undertake effective measures to prevent money laundering and financing of terrorism.
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Create and maintain an automated system for recording, processing and analyzing information on financial transactions subject to mandatory reporting.
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Contribute to the international joint effort to prevent money laundering and financing of terrorism.
Key functions:
Consistent with its tasks, the Department’s functions are to:
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Determine the procedure for creating an automated system for recording, processing and analyzing information on financial transactions subject to mandatory reporting.
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Gather and analyze information on suspicious transactions.
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Duly scrutinize incoming information.
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Identify ML/FT signs in financial transactions.
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Ensure appropriate conditions for storing and protecting information obtained in the course of its activities where it constitutes an official, banking or other secret protected by law.
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Participate in staff training and retraining activities, including AML/CFT training for representatives of other government agencies.
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Duly contribute to the drafting of legislation, the signing and performance of international treaties and, where appropriate, sign and perform international interagency agreements on the prevention of money laundering and terrorist financing.
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Study the international experience and practice of preventing money laundering and terrorist financing.
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Contribute to the development and implementation of international cooperation programs on ML/FT prevention.
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Carry out other functions as required by Belarusian legislation.
Organization structure
The Department is headed by the director appointed and dismissed by the State Control Committee Chairman with the Belarusian President’s approval. The Department director has a deputy who is appointed and dismissed by the Committee Chairman.
The Department director is officially a member of the Committee Board.
The Department Director is subordinated directly to the Committee Chairman, manages the Department activities and is personally responsible for the performance of the Department’s tasks and functions.
The FMD consists of three divisions headed by division chiefs:
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Analytical division
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Coordination and international cooperation division
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Information technology division