House of Representatives of the National Assembly adopted the Law "On measures to prevent legalisation of illegally acquired proceeds, financing of terrorist activity and financing of proliferation of weapons of mass destruction."
Adoption of this Law was primarily due to the need to comply with FATF international standards. Financial Action Task Force on Money Laundering (FATF) is an intergovernmental organisation for the development of financial measures to combat money laundering and for the improvement of the existing legislation taking into account best practices of persons engaged in financial transactions and government agencies that control the activities of these individuals.
Law amends the criminal, administrative and other legislation and creates a legal basis for establishment of a system to monitor and control the risks associated with money laundering and for use of new mechanisms for the application of targeted sanctions against individuals involved in terrorist activities and financing terrorism pursuant to UN Security Council Resolutions.
To reduce the risk of involving of Belarusian financial institutions in the process of "money laundering" and of creation of unstable situation in the banking system, the Law sets out the powers of banks in the case of high-risk work with client or with suspicious financial transactions. The Law regulates also the issues of termination of relations with unreliable clients. New powers are given to Financial Monitoring Department of the State Control Committee of Belarus and supervisory bodies.
The adoption of this Law will promote the conformity of national legislation with international standards and increase the effectiveness of the national system of prevention legalisation of illegally acquired proceeds and terrorist financing. All news
Financial Investigations Department
Financial Monitoring Department
