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NDB/EAG/ITMCFM Joint Workshop

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  • NDB/EAG/ITMCFM Joint Workshop
NDB/EAG/ITMCFM Joint Workshop
 

  • 29 May, 2019

    The workshop on Strengthening AML/CFT Efforts through New Technologies, organized jointly by the New Development Bank (NDB), the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) and the International Training and Methodology Centre for Financial Monitoring (ITMCFM), was held in Moscow on 29 May 2019. The workshop was organized within the EAG 30th Plenary week.

    The purpose of the workshop, attended by over 200 representatives of EAG and BRICS financial intelligence, law enforcement and supervisory agencies, the business community and academia, is to promote the use of AI-powered technologies to improve AML/CFT efforts and provide the competent authorities with special tools for investigating crimes involving cryptoassets and the blockchain technology. 

    Welcoming remarks to the participants came from Deputy Director of Rosfinmonitoring V I. Glotov, EAG Executive Secretary S A. Teterukov and Head of the NDB's Compliance Department Srinivas Yanamandra.   

    V I. Glotov:
    "For many years, the New Development Bank has been contributing to the efforts to strengthen the global AML/CFT framework. And today we are taking yet another step towards improving cooperation between EAG, BRICS and NDB countries... We are certainly interested in the practical initiatives being undertaken by the New Development Bank as part of its investment and infrastructure projects. In the future, the NDB could play a key role in providing technical assistance in addressing the identified shortcomings in preparation for mutual evaluations and follow-up reports. Today, the New Development Bank is carrying out extensive work to acquire observer status in the EAG and FATF. We are confident that the attainment of this goal will contribute to the strengthening of the global AML/CFT framework."

    S A. Teterukov:
    "I would like to thank representatives of the New Development Bank, Rosfinmonitoring and ITMCFM for their help in organizing this workshop. We welcome our partners' approach to organizing events, as we believe the joint format is particularity conducive to fruitfully cooperation. I would also like to point out that the Eurasian Group plans to adopt a rather ambitious technical assistance programme, to whose implementation, I believe, the New Development Bank could contribute. The theme of this workshop is very interesting not only in itself, but also in the context of the FATF priorities."

    Srinivas Yanamandra:
    "I would like to thank the Russian Federation for the invitation to take part in this workshop and for its excellent work in organizing the EAG Plenary week. The New Development Bank has been part of the BRICS framework since 2015, providing funding for infrastructure and sustainable development projects both within the BRICS and in other developing markets and countries. Our engagement in AML/CFT efforts is effected through the BRICS AML/CFT Council. This cooperation has convinced us of the potential benefits an observer status in the EAG and FATF can give us, which explains our desire to seek it. We stand ready to provide technical assistance and assist financial intelligence units in developing and adopting new technologies."

    The workshop consisted of four thematic sections: 
     

    • New technologies and the risk of their misuse to commit financial crimes, and measures to combat such misuse.
    • Use of artificial intelligence to strengthen the FIU's performance.
    • Investigation of financial crimes involving cryptocurrencies.
    • Environmental crimes, money laundering and artificial intelligence. 
    • The workshop ended with the adoption of the Final Declaration.
       

    Declaration of the NDB/EAG/ITMCFM joint workshop on Improving AML/CFT Efforts with New Technologies.

    May 29, 2019
    Moscow (Russia)

    Participants in the NDB/EAG/ITMCFM joint workshop on Improving AML/CFT Efforts with New Technologies underscored the importance of promoting cooperation and coordination between EAG and BRICS countries to boost the effectiveness of national AML/CFT systems with the help of AI-powered IT solutions. 

    To promote cooperation and collaboration, consideration should be given to the following:

    1. Consolidation of the efforts of international organizations, government agencies, the business community and academia in developing common approaches to the understanding of the risks associated with new technologies and developing measures to mitigate them.
    2. Continuing the discussion and development of measures focused on virtual assets to manage and mitigate the ML/TF risks.
    3. Provision of assistance in building the capacity for a constructive, timely and on-going information sharing to manage the ML/TF risks. 
    4. Promoting the development of innovative oversight tools for a rapid response to the ML/TF risks related to the adoption of new financial technologies.
    5. Improving the availability of new technologies-based information and training resources (remote, web-based, mobile apps, etc.)

    In pursuance of the above, the workshop participants call on the New Development Bank to consider the provision of the necessary technical and/or financial assistance, in line with its mandate and internal policies, for research projects into new technologies, such as the development of AI-powered AML/CFT software and hardware designed to boost the capacity of national financial intelligence units to investigate ML/TF offences.

    Federal Financial Monitoring Service