EBRD receives observer status in EAG

The sixth plenary session of the EAG took place in Sochi on June 13-15.

Members of the Eurasian Group on combating money laundering and financing of terrorism (EAG) have decided to grant the European Bank for Reconstruction and Development (EBRD) observer status in the EAG, group Chairman and Russian Federal Financial Monitoring Service Director Viktor Zubkov said at a Friday press conference in Sochi. He said that this decision was reached after consideration of an application from the EBRD.

"Participants in the plenary session discussed a wide range of issues concerning the development of national legislation and setting up financial investigation subdivisions in EAG member countries, carrying out mutual appraisals, organizing work to investigate the typology of money laundering, providing technical support and aid in training specialists, organizing information exchanges and cooperation with international organizations," Zubkov said.

He said that EAG has started to carry out its main function - carrying out mutual appraisals of compliance of national systems for combating money laundering and financial terrorism in the EAG with international standards. As required, additional work will be carried out to provide aid to EAG members, including using the opportunities of states and organizations - EAG donors and the international financial monitoring training center.

The EAG currently includes Belarus, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. EAG observer status is held by FATF, the World Bank, the International Monetary Fund, the UN Office on Drugs and Crime, the OSCE, the CIS executive committee, Armenia, Afghanistan, Britain, Italy, Lithuania, Moldova, the U.S., Turkey and Ukraine.

The next, seventh, EAG plenary session is planned for December 10- 15, 2007 in China.

Source: Interfax