EAG Consultations with the private sector

On June 14 2011 in Moscow, President-hotel, EAG Consultations with the private sector "Revision of the FATF standards: on the way to transparency of the global finance system and security of national economies" were held.

The Consultative forum became one of the first event in the framework of the EAG Plenary week, which took place in Russia on 14 to 17 June, with the participation of representatives from more than twenty countries and international organizations involved in the international AML/CFT system.

The Consultations were attended by representatives of the banking sector, regulatory bodies of EAG member states and observers. Head of the Federal service for financial monitoring of the Russian Federation Yuri Chikhsnchin made an opening speech for the participants.

The forthcoming revision of the FATF 40+9 Recommendations, the global standards in the field of AML/CFT, became the key issue on the agenda of the Consultations. The participants of the forum also discussed the issues of adaptation of national anti-money laundering systems to future updates, which will be adopted in 2012.

Discussion on changes in the FATF standards was held in the framework of two sections:

1) Risk-based approach in the field of AML/CFT. ML/FT risks management in the public and private sectors;
2) Issues of ML/FT risks in the context of new ways of payments.

On the results of discussions and received comments the participants of the Consultative forum have developed the following recommendations to EAG member states:

1. To provide for the involvement in the activities of the FATF connected with updates of the 40+9 Recommendations using the status of the EAG as an associate member of the FATF.
2. To initiate clarification of the information involving legislative bodies and executive authorities, national banks, self-regulating organizations, financial and non-financial institutions, which are required to take measures in the sphere of anti-money laundering and financing of terrorism.
3. To organize activities on the improvement of the mechanisms of financial monitoring, using the opportunities of inter-agency cooperation at the national level and mass media, including the Internet.
4. To consider using the EAG Internet resources including Expert forum to clarify changes in the FATF standards in the Eurasian region.
5. To use the opportunities of the EAG visiting missions to EAG member states for spreading information about changes of the 40+9 FATF Recommendations.
6. To consolidate actions in elaborating common principles of using best practices in the sphere of risk-based approach and new methods of payments in the state and private sector.

"Consultations with the representatives of the private sector are an important stage in the process of updating the FATF Recommendations, - The EAG Chairman Oleg Markov said in his address to the participants of the Consultative forum, - they are directed not only to clarify the future changes, but also to exchange opinions of experts from supervisory authorities and financial institutions, with the aim to promote the improvement of anti money launderig systems of EAG member states. The forum has an obvious practical value for all of its participants."