On the EAG Consultations with the Banking and Insurance sectors

The Consultations of the Eurasian group on combating money laundering and financing of terrorism (EAG) with the Banking and Insurance Sectors were held on 12th December 2006 in Moscow.

Delegations from all of the EAG member states (Belarus, China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan) and from most observers (FATF, World Bank, IMF, UNODC, CSTO, EurAsEC, SCO, Armenia, France, Great Britain, Moldova, Ukraine, USA, Japan) took part in the event.

The delegations included both supervisory and law enforcement officials and representatives of financial and insurance businesses of the EAG member states and observers.

The main topics included:

• international standards in anti-money laundering and combating financing of terrorism (AML/CFT);
• obligations of insurance organizations in the AML/CFT sphere, supervision on their activities;
• risk assessment in the customer due-diligence practice;
• AML/CFT practice by commercial banks;
• AML/CFT practice by insurance agencies;
• AML/CFT international practice in the banking and insurance sectors.

The Consultations attendees had an active discussion on AML/CFT issues, including the practical interaction between the private sector and related government agencies of the EAG member states and observers. The speakers’ proposals will be scrupulously considered and applied in the daily practice.