Belarusian banks have been mandated to monitor transactions on the accounts of property developers of residential and commercial real estate. Corresponding letter has been sent to banks by National Bank of Belarus. These recommendations are given to banks based on the information of the State Control Committee (SCC). SCC found out gross violations of the law during the audits of organizations involved in participatory construction of residential and commercial real estate.
National Bank has recommended the banks to take «measures to prevent and detect financial transactions related to income legalization,» drawing attention to cases of clear misuse of sharers’ funds by developers, AFN.
If you suspect that the developers are somehow trying to legalize revenues, obtained by criminal means, the banks are encouraged to «inform the financial monitoring body.»
Meanwhile, according to the Banking Code of Belarus, the banks are not obliged to exercise such control over the use of the interest-holders’ money. Under the legislation, developers themselves should deal with it directly.
