EAG Secretariat EAG took part in APG workshop on new version of the FATF standards which was held in Malaysia

A workshop on the updated FATF standards, organized by the Asia-Pacific group on money laundering (APG) took place in Kuala-Lumpur (Malaysia) with the support of Bank Negara on 25-27 April, 2012. The meeting was attended by more than 110 delegates from 29 jurisdictions and 4 organizations, including the EAG.

The goal of the meeting was to familiarize APG member states and observers with the most important changes in the FATF standards, a new edition of which was adopted in February 2012.

Representatives of the FATF Secretariat, the United Kingdom, Bangladesh, Macao, China, the «Egmont» group, New Zealand, the Philippines and Fiji participated in the workshop.

The delegates noted that high-level political principles remain largely unchanged, the considerable expansion of the text of standards is explained by the need to clarify the concepts, and the new structure of the 40 Recommendations has become more logical.

The information on risk assessment and application of a risk-based approach (RBA), as well as national assessment of risks and general principles of implementation of the RBA were presented at the workshop.