Plans have been made to improve the system designed to monitor financial flows in Belarus. The plans are stipulated by amendments to the law on measures to prevent the legalization of revenues acquired through criminal means, prevent the financing of terrorist activities and the propagation of weapons of mass destructions, BelTA learned from Sergei Zanko, member of the Budget and Finance Commission of the House of Representatives of the National Assembly of Belarus.
The MP noted that if the bill is passed, the Council of Ministers will set up an interagency committee, which will monitor the usage and distribution of financial flows. "It will act like kind of a coordinating center. Specialists of various ministries and the Hi-Tech Park are supposed to be part of it. Thus, the bill provides for creating a better system to monitor financial flows," the parliamentarian noted.
Apart from that, the bill is designed to address matters concerning the identification of sources of finance. The bill's authors believe it will help more effectively prevent money laundering and will enable conditions for better coordination of actions of security agencies, banks, and IT structures. The bill takes into account the considerable amount of work being done in Belarus to develop digital economy and introduce new financial instruments on the market.
The bill is expected to be given the first reading during the spring session of the lower chamber of the Belarusian parliament.