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14 June, 2023
One of the priority directions of the EAG project activities is the implementation and development of a risk-oriented approach in the AML/CFT supervisory activities of the Member States, improvement of practices of identifying and assessing risks in the activities of supervised entities.
The experience of the EAG Member States' supervisory authorities and the private sector in AML/CFT illustrates that there is considerable potential for public-private partnership as a mechanism for the rapid exchange of information on risks and for raising awareness of actual schemes and methods of laundering the proceeds of crime and terrorist financing.
In this regard, the Joint Forum of representatives of supervisory bodies and the International Compliance Council (ICC) "New landscape of risks and threats: compliance and supervision in AML/CFT" took place in Moscow on 18-19 May at the initiative of EAG, Rosfinmonitoring and ITMCFM.
The Forum brought together experts from the private sector and supervisors, creating a unique platform to share common challenges and new ideas. The Forum was attended by around 200 representatives from all 9 EAG Member States. In addition, experts from Iran and the UAE, as well as from the CSTO and the SCO RATS participated in the Forum at the invitation of the EAG Chairman.
The objectives of the Forum were to take a broader view of the changing risk landscape and to synchronise approaches in the work of the private sector and competent authorities of the EAG Member States.
The two-day event was divided into 5 panel discussions covering such key topics as "Mitigating risks and threats in the budgetary sphere", "Perception of supervision by the private sector", "Use of information technologies in the anti-money laundering", "Accessibility and security of digital currencies", "Public-private partnership in the financial sector".
The audience was particularly interested in the presentations by representatives from China, Kazakhstan and Russia during the panel discussion on the circulation of digital currencies and crypto assets. The speakers noted that regulatory issues in this area require in-depth joint work.
Experts from central banks, other supervisory authorities, financial intelligence units, banks, international financial groups, crypto exchanges, research institutes, industry associations and international organisations spoke at all panel discussions, which were moderated by representatives of Rosfinmonitoring and the EAG Secretariat.
Forum participants were also invited to take part in surveys on the main topics of the panel discussions, the results of which were immediately presented to the audience in a graphical format.
The private sector proposed topics for the next meetings of the ICC and the EAG typologies in the survey conducted by the EAG Secretariat, as well as suggestions for improvements to the ICC, the Supervisory Forum and competition between financial and non-financial institutions.
It should be noted that some of the proposals are already being implemented by the EAG Secretariat as part of the work plan to minimise regional risks. In particular, an aggregated list with links to publicly available registers has been prepared and is available on the IC section of the EAG website.
In addition to the agenda of the Forum, the participants took the opportunity to enjoy a cultural programme with walks through the most beautiful places of Moscow.
At the end of the Forum, it was noted that the tasks set had been achieved and that the proposed format of joint forum between regulators and the private sector had great potential and should be further developed. The word "trust" was chosen as the leitmotif of the Forum.
The Forum participants were invited to participate actively in the International Financial Security Olympiad and other international events on AML/CFT.
The presentations of the Forum participants are available for downloading at the link.
EAG Secretariat
