Republic of Belarus

Republic of Belarus

Legal system

The legal system of Belarus belongs to the so-called Roman-Germanic Law Family. The main source of law in Belarus are regulatory legal acts. The Constitution has the highest legal force among legislative acts. 

Judicial power in Belarus is exercised by the general and economic courts and the Supreme Court. The activity of the judicial system is regulated by the Code of the Republic of Belarus on judicial organization and status of judges and other regulatory legal acts.

Economy and financial sector

Export-oriented state with developed industry, service sector and agriculture. Belarus follows the model of socially oriented market economy.

The financial sector of the Republic of Belarus is represented by the following types of organizations: banks, non-banking financial institutions, JSC "Development Bank of the Republic of Belarus", leasing organizations, microfinance organizations, forex companies, National Forex Center, professional securities market participants, insurance organizations and brokers, postal operators, and commodity exchanges. As of September 09, 2020, 24 commercial banks, 3 non-bank credit and financial institutions, 111 leasing companies, 82 microfinance organizations and 18 forex companies are operating in the Republic.

Financial Intelligence Unit

The financial monitoring body authorized in accordance with the legislation of the Republic of Belarus to conduct AML/CFT activities is the Financial Monitoring Department of the State Control Committee of the Republic of Belarus.

The activity of the Financial Monitoring Department is connected with taking AML/CFT measures; accounting, processing and analysis of information on financial operations subject to special control; international cooperation on AML/CFT issues.

The Financial Monitoring Department represents Belarus' interests in the EAG.

The Director of the Financial Monitoring Department of the State Control Committee of the Republic of Belarus is Vyacheslav Reut

Agencies involved in the AML/CFT system

In accordance with Article 16 of Law No. 165-З of June 30, 2014, control over the activities of persons engaged in financial transactions in the field of AML/CFT/CPF is executed by: National Bank, Ministry of Finance, Ministry of Justice, Ministry of Communications and Informatization, Ministry of Taxes and Duties, Ministry of Antimonopoly Regulation and Trade, and State Property Committee.

The accurate and uniform administration of the AML/CFT/ CPF legislation is supervised by the General Prosecutor of the Republic of Belarus and his subordinate prosecutors.

Law enforcement agencies of the Republic of Belarus involved in countering money laundering and terrorist financing:

Legal framework

The official publication of regulatory legal acts is carried out on the National Legal Internet Portal of the Republic of Belarus.

Official Internet resource containing regulatory legal acts: Information retrieval system (IRS) "ETALON-ONLINE".

As part of improving the effectiveness of the national AML/CFT system in 2014 the Law of the Republic of Belarus of June 30, 2014 "On Measures to Prevent Money Laundering, Financing Terrorist Activities and Financing the Proliferation of Weapons of Mass Destruction" (hereinafter referred to as Law No. 165-З of June 30, 2014) was adopted in a new version.

The AML/CFT regulatory and legal framework of the Republic of Belarus also includes:

International cooperation

Member  and founder of the UN and CIS, Collective Security Treaty Organization (CSTO), Eurasian Economic Union (EAEU), as well as a member of other international organizations. In 2004, Belarus became one of the founding states of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), and in 2012 – of the Council of Heads of Financial Intelligence Units of the Commonwealth of Independent States (Council of HoFIU CIS).

EAG MEMBER-STATES
Republic of Belarus

The legal system of Belarus belongs to the so-called Roman-Germanic Law Family. The main source of law in Belarus are regulatory legal acts. The Constitution has the highest legal force among legislative acts. 

Republic of India

India has a federal system consisting of the Union or Central Government, and the State Governments. Legislative power is exercised by the Parliament consisting of two houses, namely, Rajya Sabha (Council of States) as the upper house, and the Lok Sabha (House of the People) as the lower house. Rajya Sabha is a permanent body and is not subject to dissolution.

Republic of Kazakhstan

The economy of Kazakhstan is the largest economy in Central Asia. Since January 1, 2015 the Republic is a member of the Eurasian Economic Union.

People’s Republic of China

China has a mixed legal system. The legislative branch is represented by the National People’s Congress (NPC), which is the highest agency of state power. The NPC elects all supervisory, executive, judicial, and prosecutorial agencies of the country and has authority over local people's congresses across the country.

Kyrgyz Republic

Kyrgyzstan's legal system is based on the Roman-Germanic Law System. In Kyrgyzstan all regulatory legal acts (RLA) are divided into laws and subordinate acts.

The main law of the State is the Constitution adopted by referendum in 2010.

The head of the State is the President. The President is elected for 6 years by citizens of the Kyrgyz Republic. 

Russian Federation

Russia is a democratic federal presidential-parliamentary republic. Legislative power is vested in the Federal Assembly (Parliament), while executive power is vested in the Government.

Russia’s main exports are hydrocarbons, metals, chemicals, machinery, equipment, weapons and food.

Republic of Tajikistan

The legal system of Tajikistan belongs to the Roman-Germanic Law Family.

The Constitution is the main law of the State, it was adopted on November 6, 1994. The Majlisi Oli – Parliament of Tajikistan – is the highest representative and legislative body, consisting of two Majlisi – Majlisi Milli (Upper Chamber) and Majlisi Namoyandagon (Lower Chamber).

Turkmenistan

Legal system of Turkmenistan is based on continental legal tradition.

The economy of Turkmenistan adheres to the model of socially oriented market economy, which is developing by export-oriented and import-substituting approach.

Republic of Uzbekistan

The legal system of the Republic of Uzbekistan is based on the Roman-Germanic Law System. The Constitution of Uzbekistan was adopted on December 8, 1992.

According to the Constitution, the system of state power of the Republic of Uzbekistan is based on the principle of separation of powers into legislative, executive and judicial ones.

EAG MEMBER-STATES
Republic of Belarus
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Republic of Belarus

The legal system of Belarus belongs to the so-called Roman-Germanic Law Family. The main source of law in Belarus are regulatory legal acts. The Constitution has the highest legal force among legislative acts.