EAG participated for the first time in APG Plenary meeting

Asia/Pacific Group on combating money laundering (APG) Plenary meeting was held on July 13 - 16 ,2010 in Singapore. Key issues of developing anti money-laundering systems in the countries of the region and progress made by the APG member states was discussed.

Important amendments to the APG's mutual evaluation procedures were adopted to better reflect the APG's Associate Membership arrangements with the FATF. 

The APG agreed to undertake a joint APG/FATF project on financial inclusion, to be led by the APG. This issue has been identified as one of key FATF priorities under the Mexican Presidency. According to the address of the FATF President Mr. Luis Urrutia “AML/CFT measures should not be an impediment to the supply of financial services among low-income sectors of the population that pose low risk of Ml/TF. To the extent that financial services have a wider penetration in cash-based eonomies and offset informal financial mechanisms, jurisdictions have a better chance to fight ML/FT”. The FSRBs role in this process gains ever more importance due their capacity to disseminate the FATF methodologies and other best practices within their regions.
 
It was also mentioned by the FATF President that all tools at the FATF’s disposal should be implemented to help and guide those jurisdictions identified by the FATF as high-risk to address their deficiencies. The role of  . FSRBs is essential for achieving successful results as they are fully aware of the peculiarities of their regions and can provide their countries with necessary assistance considering those peculiarities.
 
The FATF President also underlined  the importance of enhancing cooperation with FSRBs .
 
The EAG officials participated in the APG Plenary for the first time since EAG was granted an observer status in APG.
 
Both FSRBs noted high relevance of enhancing collaboration given the general FATF policy and expressed aspiration to participate in joint projects and initiatives. 
 
Two EAG countries now participate in the APG: China as an APG member state and Russia as an observer (since May).
 
According to the EAG, sharing experience on key AML/CFT initiatives will be beneficial for   both FSRBs and may also help them  contribute more effectively to the FATF work.