21 May, 2020
Amendments to the Law “On measures to prevent the Legalization of Proceeds of Crime, the Financing of Terrorist Activities and the Financing of the Proliferation of Weapons of Mass Destruction” were adopted in the Republic of Belarus.
The law dated 13.05.2020 No. 14-Z made additions to the provisions, which regulate terminology, the obligations of reporting entities, identification of participants in the financial transaction, including the obligation to record data on beneficial owners, identification, verification and updating of customers data.
It's established that residents of the High-Tech Park relate to the reporting entities in case if they carry out the following activities: provide services related to the creation and placement of digital signs (tokens) using the Internet, including services for the promotion of digital signs (tokens), consulting and other related services, crypto platform operator activities, cryptocurrency exchange operator activities, other activities using digital signs (tokens).
The law is supplemented by a new provision which set up the Interdepartmental commission for the prevention the legalization of proceeds of crime, the financing of terrorist activities and the financing of the proliferation of weapons of mass destruction as the coordinator of activities in the field of AML/CFT/PF.
The amendments enter into force six months after their official publication.