Format of cooperation

Format of cooperation

The key role in establishing international standards for combating money laundering and terrorist financing is given to the Financial Action Task Force (FATF).

The FATF was created in 1989 by the Group of Seven countries.

The FATF comprises 37 member jurisdictions and 2 regional organizations.

The main tool of the FATF is its International standards on combating money laundering, financing of terrorism & proliferation, the FATF Recommendations.

The UN Security Council Resolutions 1617 (2005) and 2462 (2019) strongly urge all UN member states to implement the FATF Recommendations.

Compliance with the FATF Recommendations enables countries to build effective AML/CFT systems and protect the national economy from shadow capital.

In order to implement these International standards in countries outside the FATF, eight FATF-style regional bodies have been set up. The EAG is one of them.

In February 2005, the EAG was granted observer status in the FATF. The Eurasian Group has been an associate member of the FATF since June 2010.

Associate member status made it possible to enhance cooperation between the EAG and the FATF: all member states of the Eurasian Group, even those that are not members of the FATF, can now participate in its work on behalf of the EAG. In turn, the FATF states may participate in the activities of the EAG.

Associate Member status in the FATF is a recognition of the Group’s achievements from the international community.