Belarusian delegation headed by the Director of the Financial Monitoring Department of the State Control Committee Alexander Maksimenko took part in the 17th Plenary week of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), which was held in New Delhi (India). All 9 EAG member-states and also representatives of EAG observer states and international organizations have participated in the event.
For Belarus the main issue in the Plenary meeting agenda was the report on the progress in the field of combating money laundering and financing of terrorism. We remind that in 2008 our country was successfully assessed on compliance to standards of the Financial Action Task Force Money Laundering (FATF), recognized by the international community 40+9 recommendations. Then the assessment has showed the accordance of national system of the combating money laundering, proceeds of crime and financing of terrorism to international standards. At the same time, international experts have proposed to continue work for improvement of national legislation in the field of combating money laundering.
At the current EAG Plenary meeting the third ordinary report on progress in this area was presented by Belarusian delegation. The report in 160 pages containing the answers to 115 questions has been prepared by the Financial Monitoring Department of Belarus jointly with a number of ministries and agencies. The Belarusian delegation presented the report, answered the questions of international experts and EAG members. As a result the work of the Financial Monitoring Department and a number of supervisory authorities of Belarus has been recognized effective and the Belarusian report on progress got a positive assessment.
Responding to questions of journalists on the results of Plenary meeting the Director of the Financial Monitoring Department of the State Control Committee of Belarus Alexander Maksimenko noted that 40 recommendations to combat money laundering, financing of terrorism and financing of proliferation of mass destruction weapons will be used instead of the 40 +9 FATF recommendations in the coming years. The national systems will be considered not only in terms of adoption of regulations as it was previously, but also in terms of their effectiveness. It’s planned that in October 2015 in Belarus will be held the regular assessment of the national system in compliance with the new FATF recommendations and in 2014 our country will present the next report on progress in this field.
It should be noted that the assessment of compliance with the FATF requirements influences on the investment attractiveness and the credit rating of the country. At present the so-called “gray” and “black” FATF lists include 42 countries, which are under intensified monitoring (Belarus has never been in these lists). In addition the financial operations of economic entities of the countries that don’t implement to the full FATF recommendations are under stronger control.
The Belarusian delegation took active part in the events of EAG Plenary and Working group meetings. In the framework of the Working group on typologies the representatives of the Financial Monitoring Department presented a report on the conducted research “Money laundering and financing of terrorism using cash and monetary instruments" that got high assessment of participants.
The Agreement between the Financial Monitoring Department of the State Control Committee of Belarus and the Committee on Financial Monitoring of the Ministry of Finance of Kazakhstan on cooperation in combating money laundering and financing of terrorism was also signed in the framework of the EAG plenary week.