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14 September, 2018
The EAG/ITMCFM 4th international workshop on "Effective Supervision as a Mechanism for Ensuring Participation of the Non-Financial Businesses and Professions (NFBP) Sector in the AML/CFT System" as well as consultations with the private sector were held in St. Petersburg from 13-14 September 2018.
The workshop was sponsored by the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), the Federal Financial Monitoring Service and the International Training and Methodology Centre for Financial Monitoring.
A list of the workshop participants included delegations from the EAG member and observer countries (Armenia, Belarus, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Turkmenistan and Uzbekistan) and representatives of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL).
The workshop was opened with welcoming remarks from EAG Chairperson Ms Hao Jinghua (China) and EAG Deputy Chairman and Rosfinmonitoring Director Yury Chikhanchin.
"The effectiveness of any supervisory and anti-money laundering framework depends on the timely and efficient dissemination by both the private and public sectors, including non-financial businesses and professions, of information on transactions and financial behaviour allegedly linked to crime and terrorism," said Hao Jinghua.
Traditionally, technical and capacity-building assistance was primarily provided to financial institutions, with vulnerabilities of the DNFBP sector being until recently largely outside the focus area, which explains the higher risk of its abuse for money laundering, terrorist financing and financing of other illegal activities.
According to the mutual evaluation statistics, the FATF recommendations and immediate outcomes related to the DNFBP sector and its supervision tend to pose challenges for assessed countries. The stability of any system depends on the stability of its weakest link, a fact whose importance increases further as we embark on the 4th round of mutual evaluations.
"I would particularly like to thank international experts who, through their visit, underscored the relevance for the entire international community of the issues to be discussed at this workshop. Ms Hao's participation in today's event highlights the Eurasian Group's continuous focus on these issues, while its holding shows that we are actively preparing for the evaluation procedures. This meeting provides participants with the opportunity to exchange opinions, express their views, discuss with international experts our approaches and, possibly, correct those reporting materials that we have already prepared for submission to the international community," said Yury Chikhanchin.
During the workshop, participants exchanged experiences to improve the effectiveness of the work carried out by the supervisory bodies and the non-financial businesses and professions sector and to facilitate the integration of new technologies into communications between the public and private sector. Participants discussed and analysed current trends in areas related to supervision, assessment of the effectiveness of the measures taken, and cooperation with the private sector in combating money laundering and terrorist financing.
