35 TH EAG PLENARY MEETING

Published: 18.11.2021

On November 18, 2021, the 35th Plenary Meeting of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) was held in virtual format under the chairmanship of Director of Rosfinmonitoring Yury Chikhanchin. The meeting was attended by the representatives of the EAG member states, the Secretariat of the Financial Action Task Force (FATF) and the EAG observer countries and organizations.

The welcome speech to the Plenary was delivered by Deputy Chairman of the Government of the Russian Federation Alexey Overchuk, who is responsible for the national policy issues related to international relations of the Russian Federation, involvement of the Russian Federation in the Eurasian Economic Union integration processes, and cooperation of the Russian Federation with the member countries of the Commonwealth of Independent States.

The Plenary re-elected Yury Chikhanchin Chairman of the EAG for 2022-2023 (Dovran Khalbaev (Turkmenistan) was elected EAG Deputy Chairman) and approved the Chairmanship Priorities for 2022-2023, which include:

  • Completion of the second round of the EAG mutual evaluations; 
  • Development and implementation of the measures related to mitigation of supranational risks identified in the Eurasian Region; 
  • Application of agreed approaches to coordination of technical assistance provided to the member states prior to the third round of the EAG mutual evaluations in terms of implementation of risk-based approach and financial investigation practices; 
  • Development of a mechanism for improving the effectiveness of the national AML/CFT systems in terms of asset recovery;
  • Monitoring of risks related to misuse of virtual currencies;
  • Improvement of financial literacy in the EAG region within the framework of implementation of educational projects as the key element of general security.
     

The Plenary heard the 3rd follow-up report of the Kyrgyz Republic without revising the technical compliance ratings under the second round of the EAG mutual evaluations and noted the progress made by the country in improvement of its national AML/CFT system.

The Plenary also agreed to continue the work under the first round of ML/TF risk assessment in the Eurasian region and summarized the outcomes of the 7th International Supervisors’ Forum entitled “Tools and Mechanisms for Application of Risk-Based Approach to AML/CFT Supervision”, as well as the outcomes of the workshop on sharing experience in terms of implementation of the FATF Standards related to virtual assets.

The Plenary supported the initiative of the Russian Federation to arrange the International Financial Security Olympiad. The first International Financial Security Olympiad was held between May and October 2021. It was highlighted that such competitions contribute to improvement of general information, financial and legal literacy of young people of the EAG member states by providing the most talented pupils and students with the opportunity to select their future professional careers through familiarization with new scientific and technological developments in this area.

The 36th EAG Plenary Meeting will be held in May 2022 in the Republic of Uzbekistan.