The EAG took part in the FATF Plenary and Working groups meetings in Paris 21-25 February 2011

These key issues of the meeting determine the main activities of FATF-style regional groups (RGTF) for the nearest period: further discussion on updating the new edition of FATF 40+9 Recommendations, with the regard of the results of public consultations held in November 2010, definition of approaches to the communication strategy of FATF, increase of RGTF role in strengthening the global network of FATF and reports of member-states on progress in the field of AML/CFT.

Revision of Recommendations is connected with the intendments of international community to unify and improve approaches to AML/CFT and corruption. The new edition of Recommendations will form the basis of the forth round of mutual evaluations of FATF and RGTF member-states. Improving the quality of follow-up reports is one of the cornerstone elements of interaction between FATF and RGTF. According to this the sides approved their plans to further strengthening of cooperation in this sphere.

Due to the rising role of FATF on the international arena, the body started policy making in the field of communications and contemplates approaches to the revise of the public materials format with the aim to adapt them to the needs of target audience.

Following the meeting the mutual evaluation reports of France and the Netherlands are adopted and approved. FATF highly appreciated France’s  progress in AML/CFT, particularly in the financial sector and in the legal area. In respect to the Netherlands the Plenary pointed to insufficient quantity of available information in AML/CFT and allocated list of deficiencies in AML/CFT system to be eliminated.

In its public statement FATF pays attention to the states which are at heightened risk of ML/FT and therefore pose a threat to the international financial system. Towards Iran and DPRK FATF calls on its member-states to pay special attention to the financial relations with these countries.

In the second public statement which reviews the results of compliance to the international standards, FATF pays attention to the group of states which reveal substantial deficiencies. However, a respectable work is being done to eliminate them, including highest political level.

Turkmenistan, the member-state of EAG, is still under in-depth examination of FATF until the end of mutual evaluation of EAG, following to which it will be possible to comprehensively review Turkmenistan’s progress and formulate recommendations on the development of AML/CFT regime.