EAG announces intent to augment potential for the implementation of the SCO initiative to form financial security belts around Afghanistan

This announcement was made by EAG Acting Executive Secretary Igor Nebyvayev at a workshop devoted to Shanghai Cooperation Organization efforts in tackling new challenges and threats to regional security.

As he put it, the Eurasian Group is working actively to evaluate national AML/CFT systems of the Eurasian countries which are EAG members for compliance with international standards, including the FATF 40+9 Recommendations, the Vienna and Palermo Conventions, the UN Security Council Resolution, and other international document.
 
These efforts are becoming ever more relevant in the face of the global financial crisis, which may contribute to a rise in terrorist activity and extremism.
 
To quote Igor Nebyvayev, “Based on the findings of its evaluations, EAG works out recommendations for its member states on eliminating shortcomings and raising the effectiveness of their AML/CFT systems. In this sense the activities of the Eurasian Group are meant to reduce the treat of terrorism and ensure transparency, reliability, and safety of financial systems of the region’s countries, mainly taking into account the specifics of the Eurasian space as regards its involvement in the zone of Islamic bank financing and risks of laundering of the proceeds from Afghan drug trafficking.”
 
Introduction of effective AML/CFT systems in EAG member states facilitates economic growth and sustainable development of the region along with a more active involvement of the region’s countries into the efforts of the international community.