07 February, 2020
In November 2019 the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) approved the Executive Summary and the Mutual Evaluation Report (MER) of the Republic of Belarus, which analyses the effectiveness of the national AML/CFT system and technical compliance with the FATF Standards, as well as contains recommendations on further improvement of the national AML/CFT system. The MER passed the quality and consistency process with FATF and confirmed to be in line with international standards.
The international experts concluded that Belarus has an adequate legal framework and other mechanisms in place to prevent ML/TF, as well as measures to improve transparency of financial flows in general.
The competent authorities have deep understanding of money laundering and terrorist financing risks and robust and effective interagency cooperation. In particular, the country has effective mechanisms for obtaining comprehensive financial intelligence for identification, investigation and prosecution of AML/CFT offences.
CTF work is more focused on prevention of terrorism and its financing, which is in line with the National Strategy.
Supervisors are well aware of the ML/TF sectoral risks in the relevant reporting entities. On the whole, the Belarusian system of supervision and application of preventive measures appears to be reasonably effective.
In order to continue work on improving the national AML/CFT system, the Republic of Belarus needs to continue working on mitigating the risks identified in accordance with the approved Plan, as well as to start addressing the deficiencies identified during mutual evaluation, namely, in the area of risk-based supervision of non-profit organizations (public associations, foundations, religious organizations) in terms of combating terrorist financing, increasing transparency of legal entities and arrangements, and improving data collection on various activities of competent authorities.
By the decision of the EAG 31st Plenary, the Republic of Belarus is placed under regular monitoring and in accordance with the EAG Procedures will submit a progress report in 2022.