EAG and EEC to cooperate on AML/CFT

EAG and EEC to cooperate on AML/CFT
  • 09 July, 2020

    A meeting between Chairman of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) Y. Chikhanchin and representatives of the Eurasian Economic Commission (EEC), headed by member of the Board (Minister) for Economics and Financial Policy T. Zhaksylykov, was held on 9 July 2020. The meeting was also attended by EAG Executive Secretary S. Teterukov, State Secretary – Deputy Director of Rosfinmonitoring G. Neglyad, Deputy Director of Rosfinmonitoring V. Glotov and Head of Rosfinmonitoring's Department of International Relations A. Petrenko.

    Participants focused on the common nature of the goals and objectives facing the EAG and the EEC in Eurasia, particularly in strengthening the region's economic security. The freedom of movement of goods, services, capital and labour, in addition to the obvious practical benefits for ordinary citizens, also attracts criminals, which try out new schemes and explore opportunities for money laundering and terrorist financing. The inclusion of AML/CFT into the Commission's purview will go a long way towards improving the transparency of the EEU's entire financial system and reducing the ML/TF risks faced by its individual members.

    In addition, EAG Chairman Y. Chikhanchin underscored the importance of information sharing within the EEU on such issues as the cross-border movement of cash and instruments.

    The meeting yielded a number of agreements.

    Background: The EEC has been an EAG observer and active participant in its activities since June 2016. 

    As part of the efforts to strengthen mutual engagement, the EAG and EEC agreed in 2020 on the participation of Commission experts in the mutual evaluation of Uzbekistan in the capacity of report reviewers.

    Federal Financing Monitring Service