EAG workshop on exchange of experience on implementation of FATF requirements regarding virtual asset service providers was held

On October 25-26, 2021 in Almaty (the Republic of Kazakhstan) the EAG workshop on exchange of experience on implementation of the FATF requirements regarding virtual asset service providers (VASP) was held.  
The seminar was organised in a hybrid format by the EAG Secretariat and the Financial Monitoring Agency of the Republic of Kazakhstan with the support of the International Training and Methodological Centre for Financial Monitoring and the People's Bank of China.
"Virtual assets, including cryptocurrencies, have been increasingly used in the money laundering and the financing of terrorism. This workshop aims to improve our measures against money laundering and terrorist financing by sharing experiences," said EAG Executive Secretary Sergey Teterukov. 
The relevance of the event is also due to the fact that EAG member states (except China) have not yet been assessed for compliance with the new FATF requirements on VASPs adopted in 2019. 
In introductory presentations, the EAG and FATF Secretariats briefed participants on the requirements of the FATF standards on VASP, as well as the results of the FATF 12-month review and the main changes made to the FATF Guidance on the Risk-Based Approach to Virtual Assets and VASPs.
China (the country that prohibited virtual assets) and Japan (the country that regulates virtual assets) shared their experiences in being assessed for compliance with the new FATF Standards.
The Russian Federation, the Republic of Uzbekistan, Switzerland and the United States presented to the participants their experience in assessing the money laundering and terrorist financing risks associated with virtual assets and VASP activities.
On the second day of the workshop the representatives of the supervisory authorities of the Republic of Belarus, Australia and Sweden spoke about the specifics of the organization of AML/CFT supervision activities for VASP, including international cooperation in the supervision process and administrative, criminal, or civil enforcement actions against VASPs for failure to comply with AML/CFT requirements and obligations.
Furthermore, issues of detection of criminal schemes with use of virtual assets, as well as regulation of cryptocurrencies at the Astana International Financial Center and measures taken by the Agency of the Republic of Kazakhstan on regulation and development of financial market were considered.
More than 60 representatives of state agencies of EAG member-states took part in the seminar in the in-person format, and about 100 representatives of member-states and EAG observers took part in it remotely. All presentations attracted undoubted interest of the participants and were accompanied by a large number of questions from the participants both verbally and in writing.

EAG Secretariat