The EAG assessment team has completed the mutual evaluation of the Belarusian AML/CFT system

The assessment team of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) has ended its on-site visit to Belarus. During the visit, lasting from 10 to 21 March 2019, it conducted a mutual evaluation of our country's AML/CFT system. 

In accordance with the EAG schedule, our country undergoes this evaluation in 2018-2019. As part of the active phase of the evaluation, which began in September 2018, the EAG assessment team visited Belarus to meet all government agencies involved in anti-money laundering and terrorist financing (AML/CFT) efforts as well as representatives of the private sector (banks, insurance and leasing companies, notaries, lawyers, etc.). During the meetings, participants discussed compliance of the country's legal framework with international AML/CFT standards and the effectiveness of their practical implementation. 

After the on-site visit, the EAG assessors will prepare a draft outcome report for discussion at the EAG Plenary meeting in November 2019. 

The evaluation findings may impact the functioning of our country's financial system. In particular, a high overall score will result in higher credit and other ratings assigned to Belarus. 

In the run-up to the on-site visit, the State Control Committee had worked hard to prepare the country's government agencies and the private sector for the evaluation. To this end, in 2018, it conducted the country's first national ML/TF risk assessment, developed and is implementing the action plan to mitigate the identified risks, and, with participation of the EAG Secretariat, provided trainings designed to prepare the country's government agencies and other organizations for the international evaluation.  

These activities seamlessly complemented the country's ongoing comprehensive efforts to train, retrain and upskill AML/CFT personnel.  

State Control Committee of the Republic of Belarus