MINSK, 11 March (BelTA) - A visiting mission of experts of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) kicked off in Belarus on 11 March. The EAG experts are to conduct a mutual evaluation report (MER) on-site, BelTA learned from the State Control Committee.
The mission will conclude on 21 March. The EAG experts will meet with all the government stakeholders involved in combating money laundering, financing of terrorism and proliferation of weapons of mass destruction, as well as with representatives of private business (banks, insurance companies, leasing organizations, notaries, lawyers, etc). The parties are to discuss compliance of Belarusian laws with the international anti-laundering standards and the efficiency of the country's anti-money laundering efforts.
The State Control Committee emphasized that the ongoing on-site MER is a key stage of assessing Belarus' anti-money laundering system. Following the MER, the EAG experts will draft a report to be discussed at the EAG plenary session in November 2019. The findings of the report might have an impact on the operation of the financial system. In particular, a positive evaluation will help improve credit and other rankings of Belarus.
The previous MER took place in Belarus in 2008.
The Eurasian Group on Combating Money Laundering and Financing of Terrorism is a regional body modeled on the Financial Action Task Force against Money Laundering (FATF). The EAG includes nine countries. The Financial Monitoring Department of the State Control Committee represents Belarus in the organization.
The EAG is meant to promote FATF recommendations and monitor their implementation by the member states by assessing their anti-laundering systems.
