The fight against terrorism will be strengthened in the financial market. The countries of the Eurasian Group on combating illegal income, including Belarus, have developed a number of additional measures. In 2016, our country with the help of the World Bank will hold a national risk assessment. This step will help other states too. Those who did not complete the assessment procedure will be in the gray list. This will make it harder for them to work with major financial institutions.
Belarusian banking system has been long keeping track of suspicious transactions. For their recognition, the country has developed 45 criteria. In 2014, legislation was amended to allow banks to stop suspicious transactions. It helps, for example, in identifying one-day firms. Over 130 economic entities have been denied carrying out financial transactions. In some cases, suspicions were confirmed.
Anatoly Moroz, head of the main department of currency regulation and control, the National Bank of the Republic of Belarus:
If we consider the situation from the point of view of the economy, we get additional budget revenues and one-day firms will be squeezed out of the market.
Monitoring of financial transactions is layered. Suspicions may be caused by biographies of managers or chief accountants. The geographical indication is also important. Particular attention is paid here to offshore zones. Doubt can be also caused by the operation itself, for example, transfers of large sums. All these measures help to combat money laundering and track attempts to finance terrorists.
Vyacheslav Reut, director of the financial monitoring department of State Control Committee of the Republic of Belarus:
The chance that someone in Belarus finances terrorism is very-very low. We have established an effective national system to counter that. But if we are talking about the probability of drawing our financial system into some transit transfers for the financing of terrorism, I must admit that such a danger still exists.
The National Bank and the financial monitoring department, all law enforcement agencies see their main task in eliminating this kind of transit traffic through the Republic of Belarus.