MINSK, 27 November (BelTA) – Minsk is playing host to a plenary meeting of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), BelTA has learned.
The meeting has been arranged as part of the EAG Plenary Week. The participants include delegations from nine EAG member states (Belarus, India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, and Uzbekistan) and also states and international organizations that have observer status with the EAG. Belarus is represented in the EAG by the Financial Monitoring Department of the State Control Committee. The committee is also the main organizer of the upcoming events.
A number of issues will be discussed during the plenary meeting, which will be running on 27-28 November. “The main task for the next two years is to enable EAG member states to undergo FATF (Financial Action Task Force) assessments and confirm that their systems meet all the international requirements. In addition, an important task is to boost relations with the FATF leadership because new standards and a new methodology are emerging. They are supposed to be quickly incorporated into our work,” Head of the Russian Federal Service for Fiscal Monitoring, EAG Chairman Yury Chikhanchin said.
The next task is to develop the formats that have been already launched and are operational only on the EAG platform. “We have launched a parliamentarians’ forum. The Council of Heads of Financial Intelligence Units is also in operation. We discuss operational matters there. For instance, during the current meeting we have begun a large international financial investigation, which involves five countries. We are developing standards for anti-money laundering system employees,” Yury Chikhanchin emphasized.
Building relationships with other FATF regional groups is also an important area. “Out of the eight groups, three are represented in Minsk today. They have brought their experience and knowledge. Some of the financial intelligence services of these countries boast very good results. We can learn a thing or two from them,” the EAG chairman noted. He added that all these priority tasks are backed by EAG members and are supposed to be fulfilled within the next two years.
Director of the Financial Monitoring Department of the State Control Committee of Belarus Dmitry Zakharov spoke about advanced tools for detecting illicit proceeds. “First of all, it is the experience of identifying clients in the banking sector and other sectors of the economy, which allows for promptly detecting suspicious financial transactions, analyzing them further, and sending relevant information to law enforcement agencies for more detailed work. The regulation of the cryptocurrency market, which is regulated in detail and progressively, helps minimize risks in this area. We should also mention the automated anti-fraud system, which allows for promptly blocking suspicious financial transactions associated with cyber fraud and various types of financial abuse at the request of law enforcement agencies. This is how we manage to prevent money from being taken out of the country,” Dmitry Zakharov said.
He also pointed to the control over the gambling business, which has a system for identification, verification, and control of financial transactions. “There is high-level interaction between financial intelligence units and various law enforcement agencies, which is designed to prevent and suppress various illegal schemes, financial fraud, abuses in the financial sector, and counter the financing of destructive processes, and so on. And in general, our country’s programs to combat crime, fraud, and illicit drug trafficking are also progressive and arouse the interest of the international community,” Head of the Financial Monitoring Department Dmitry Zakharov summed up.
The meeting has been arranged as part of the EAG Plenary Week. The participants include delegations from nine EAG member states (Belarus, India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, and Uzbekistan) and also states and international organizations that have observer status with the EAG. Belarus is represented in the EAG by the Financial Monitoring Department of the State Control Committee. The committee is also the main organizer of the upcoming events.
A number of issues will be discussed during the plenary meeting, which will be running on 27-28 November. “The main task for the next two years is to enable EAG member states to undergo FATF (Financial Action Task Force) assessments and confirm that their systems meet all the international requirements. In addition, an important task is to boost relations with the FATF leadership because new standards and a new methodology are emerging. They are supposed to be quickly incorporated into our work,” Head of the Russian Federal Service for Fiscal Monitoring, EAG Chairman Yury Chikhanchin said.
The next task is to develop the formats that have been already launched and are operational only on the EAG platform. “We have launched a parliamentarians’ forum. The Council of Heads of Financial Intelligence Units is also in operation. We discuss operational matters there. For instance, during the current meeting we have begun a large international financial investigation, which involves five countries. We are developing standards for anti-money laundering system employees,” Yury Chikhanchin emphasized.
Building relationships with other FATF regional groups is also an important area. “Out of the eight groups, three are represented in Minsk today. They have brought their experience and knowledge. Some of the financial intelligence services of these countries boast very good results. We can learn a thing or two from them,” the EAG chairman noted. He added that all these priority tasks are backed by EAG members and are supposed to be fulfilled within the next two years.
Director of the Financial Monitoring Department of the State Control Committee of Belarus Dmitry Zakharov spoke about advanced tools for detecting illicit proceeds. “First of all, it is the experience of identifying clients in the banking sector and other sectors of the economy, which allows for promptly detecting suspicious financial transactions, analyzing them further, and sending relevant information to law enforcement agencies for more detailed work. The regulation of the cryptocurrency market, which is regulated in detail and progressively, helps minimize risks in this area. We should also mention the automated anti-fraud system, which allows for promptly blocking suspicious financial transactions associated with cyber fraud and various types of financial abuse at the request of law enforcement agencies. This is how we manage to prevent money from being taken out of the country,” Dmitry Zakharov said.
He also pointed to the control over the gambling business, which has a system for identification, verification, and control of financial transactions. “There is high-level interaction between financial intelligence units and various law enforcement agencies, which is designed to prevent and suppress various illegal schemes, financial fraud, abuses in the financial sector, and counter the financing of destructive processes, and so on. And in general, our country’s programs to combat crime, fraud, and illicit drug trafficking are also progressive and arouse the interest of the international community,” Head of the Financial Monitoring Department Dmitry Zakharov summed up.
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