On the EAG Intersessional Meeting

On March 30-31, the EAG Intersessional meeting was held in Moscow, Russia where the new EAG initiative on ML/FT risk assessment and prevention in international financial relations was discussed.

The initiative was launched under FATF work identifying and mitigating risks entailed by the failure of jurisdictions to comply with international AML/CFT standards, in particular, the 40+9 FATF Recommendations. 

As part of the initiative, the EAG intends to constantly monitor the situation in countries which impose risks to national economics’ security of the region.

As a result, the ML/FT risk-preventing measures alongside recommendations for the private sector will be set out to enhance compliance with international standards.

This initiative is crucial for ensuring the security and stability of the EAG’s member-state economies and the international financial system. Moreover, it is ever more relevant as a means of furthering EAG interaction with the FATF, other FSRBs and the World Bank in preventing global ML/FT risks.

Implementing this initiative will be the job of the new EAG Working group on Assessment and Prevention of ML/FT Risks in International Financial Relations.

The Group’s activities and first results will be discussed during the EAG Plenary Meeting between May 31 and June 3, 2010 in Kazakhstan.