EAG grants observer-member status to ADB

The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) has granted observer-member status to the Asian Development Bank (ADB).

Welcoming the observer-member status, ADB said it would work closely with EAG to support anti-money laundering and countering financing of terrorism (AML/CFT) initiatives in the five countries of shared membership- Kazakhstan, Kyrgyz, China, Tajikistan and Uzbekistan.

' Support will be provided through enhanced coordination of technical assistance, as well as sharing of experiences and knowledge,'' said the Manila-based ADB.

EAG is focused on creating the legal and institutional framework for AML/CFT in member states in line with the standards set by the Financial Action Task Force (FATF). ADB said it is an international development finance institution whose mission is to help developing member countries reduce poverty and improve the quality of life of their people.

Source: United News of India