The 33rd Plenary Meeting of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) chaired by Director of Rosfinmonitoring Yury Chikhanchin and the EAG Working Group meetings were held in the virtual format on November 9-12 and November 19-20, 2020, respectively. The event was attended by the representatives of the EAG member states and the FATF Secretariat as well as by the EAG observer countries and organizations.
In his welcome speech, the Head of the Russian Financial Intelligence Unit reminded that despite the imposition of restrictive measures related to the COVID-19 pandemic, the EAG member states continue to cooperate with the aim of further strengthening the national AML/CFT systems. Considerable attention is paid to identification, analysis and mitigation of ML/TF risks in the Eurasian region, which is becoming particularly relevant in view of the trends that are emerging during the pandemic. Additional technical assistance is provided to the EAG member states to this end.
The EAG member states presented the information about the outcomes of implementation of measures aimed at mitigating the ML/TF risks caused by the COVID-19 pandemic. The Plenary highlighted the need to respond promptly to new ML/TF threats arising due to the global epidemiological situation. It was noted that the EAG member states carry out a significant work in order to identify and analyze new ML/TF methods in the region, raise awareness among the governmental authorities and private sector of the latest global trends and emerging risks as well as take active steps to enhance international cooperation for the purpose of further strengthening of the national AML/CFT systems.
The countries confirmed their intention to expand interaction with the private sector and approved the core principles of the International Compliance Council’s work.
In the course of the meeting of the Working Group on Typologies and Countering the Financing of Terrorism and Crime, the report on the interim results of the regional ML/TF risk assessment presented by the project team under the leadership of Rosfinmonitoring representative was heard. The meeting participants also discussed the results of the use of two previously adopted typology research reports named “Terrorist financing with the use of proceeds of crime, including proceeds generated by organized crime” and “Features of cross-border drug trafficking schemes and legalization of drug proceeds with the use of electronic payment tools and cryptocurrency”. Both of these typology studies were conducted with active involvement of the Russian FIU officers.
During the meeting of the Working Group on Technical Assistance (WGTA), the issue concerning implementation of the risk-based supervisory approach in the EAG region was discussed.
Besides that, the Plenary considered the amendments to EAG statutory and governing documents as well as to the Procedures for conducting the EAG Second Round of Mutual Evaluations.
Special gratitude was expressed to the International Training and Methodology Center for Financial Monitoring (ITMCFM) for excellent organization of the 33rd EAG Plenary Meeting and the EAG Working Group meetings via video conferencing.
The 34th EAG Plenary Meeting will be held in May 2021 in the Republic of Tajikistan subject to the favorable epidemiological situation in the world.