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EAG experts to visit Belarus in January 2019 for preliminary evaluation of its AML system

Society 15.11.2018 | 17:48
During the meeting
During the meeting

MINSK, 15 November (BelTA) - International experts will visit Belarus in January 2019 for a preliminary evaluation of the national anti money laundering system, Vyacheslav Reut, the Director of the Financial Monitoring Department at the State Control Committee of Belarus, said during the plenary session of the Eurasian Group on Combating Money-Laundering and Financing of Terrorism (EAG), BelTA has learned.

A preliminary assessment will be conducted according to the new standards of the Financial Action Task Force on Money Laundering (FATF). The core team of evaluators will arrive in Belarus in March to see how Belarus complies with the standards. The results of the evaluation will be presented in November.

According to Vyacheslav Reut, Belarus has already undergone a national risk assessment which identified most vulnerable zones. Collection of technical information and performance analysis across 11 indicators is currently in progress. “This is a very difficult job. Our technical compliance report alone contains over a thousand pages; the report on risk assessment is more than 200 pages long. They spell out in detail the instructions and recommendations not only for government agencies but also for the private sector,” Vyacheslav Reut said.

Previous evaluation of the national anti-money laundering system was carried out 10 years ago and generally had positive results. Since then the standards and methodologies have changed. For a new evaluation the EAG has put up a team of experts from Russia, Kyrgyzstan, Kazakhstan, Tajikistan and the EAG Secretariat and drawn up a detailed schedule of key events. Results may have an impact on the further functioning of the Belarusian financial system. Positive evaluation will enhance the country's credit and other ratings. Belarusian specialists, in turn, participated in the evaluation of the anti-money laundering system in Tajikistan.

Belarus anti money laundering system is a matter of certain interest in the expert community. Belarus was one of the first among the neighboring countries to have established a credible interbank customer identification system, introduced regulations in the field of digital tokens. The country also suggests introducing blockchain technology in the economy. Mandatory identification of owners of electronic purses has become an effective tool in the fight against illicit drug trafficking in Belarus.

The national AML/CFT system includes the Office of the Prosecutor General, the National Bank, the Financial Monitoring Department of the State Control Committee, law enforcement and government authorities, representatives of the private sector.

FATF is an international organization that develops international standards to combat money laundering and terrorism financing, and also supervises their observance. Currently there are eight FATF-style regional associations, with the EAG being one of the largest.

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