Topics Covered: Important International institutions, agencies and fora, their structure, mandate.
Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG)
India attended the virtual 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting, under the aegis of the Financial Action Task Force.
What is EAG?
The EAG is a regional body comprising nine countries: India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus.
Established in 2004, it is an associate member of the FATF.
- The founding conference was held in Moscow on October 6, 2004 and was attended by six founding countries:Belarus, Kazakhstan, China, Kyrgyzstan, Russia and Tajikistan.
- In 2005 and 2010 the group was expanded to include Uzbekistan (2005), Turkmenistan (2010) and India (2010).
- The Agreement on the Eurasian Group on Combating Money Laundering and Financing of Terrorism was signed in Moscow in June 2011, granting the EAG the status of a regional intergovernmental organization.
The main tasks of the EAG:
- Assisting member-states in implementing the 40 FATF anti-money laundering Recommendations and the 9 Special FATF Recommendations on combating terrorist financing (FATF 40+9 Recommendations).
- Developing and conducting joint activities aimed at combating money laundering and terrorist financing.
- Implementing a program of mutual evaluations of member-states based on the FATF 40+9 Recommendations, including assessment of the effectiveness of legislative and other measures adopted in the sphere of AML/CFT efforts.
- Coordinating international cooperation and technical assistance programs with specialized international organizations, bodies, and interested states.
- Analyzing money laundering and terrorist financing trends (typologies) and exchanging best practices of combating such crimes taking into account regional specifics.
- What is EAG?
- When was it established and who are its founding members?
- What is FATF?
- Black vs Grey list?
- Members of EAG vs FATF.
Sources: the Hindu.