EAG and FATF

The key role in establishing international standards for combating money laundering and terrorist financing is given to the Financial Action Task Force against Money Laundering (FATF).

The FATF was created in 1989 by the Group of Seven countries.

The FATF comprises 34 member jurisdictions and 2 regional organisations.

The main tool of the FATF is its Internatonal standards on combating money laundering, financing of terrorism & proliferation,  the FATF Recommendations, which were developed after Sept. 11, 2001.

Compliance with these standards enables countries to build effective AML/CFT systems and protect the national economy from shadow capital.

According to UN Security Council Resolution 1617, the 40 9 FATF Recommendations are binding for the states comprising the United Nations.

In order to extend international standards to countries outside the FATF, 8 regional groups of its type have been set up. The EAG is one of them.

In February 2005, the EAG was granted observer status in the FATF. The Eurasian Group has been an associate member of the FATF since June 2010.

Associate member status made it possible to intensify the process of mutual integration of the EAG and the FATF: all the states of the Eurasia Group, even those that aren’t members of the FATF, can now participate in its work on behalf of the EAG. In turn, the FATF states may participate in the activities of the EAG, including the working groups, plenary meetings and other events.

Associate Member status in the FATF is recognition of the group’s achievements from the international community.

 

Authorization

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    EAG in the news

    10.02.2017
    Co-Chairs Statement, Intersessional Meeting of the Egmont Group of Financial Intelligence Units The Egmont Group of Financial Intelligence Units (FlUs) met In Doha, Qatar to discuss the challenges faced by FlUs In combating money laundering, associated predicate offences and terrorist financing; especially in the areas of international cooperation, information sharing and the improved development of financial intelligence
    07.02.2017
    Participation on the Egmont Group Meetings The Chairman of the State Financial Intelligence Service under the Government of the Kyrgyz Republic, Mr. Aibek Kadyraliev has participated at the Egmont Group of FIUs’ Meetings, which are held from January 30 to February 2, 2017 in Doha, Qatar
    06.02.2017
    The summarizing “round table” "Evaluation of the financing of terrorism risks in the sector of non-profit organizations (NPOs) in the Kyrgyzstan" took place on February 2, in Bishkek The event was organized by the Public Fund "Civiс Participation" together with the State Financial Intelligence Service under the Government of the Kyrgyz Republic, with the technical support of the "Soros-Kyrgyzstan" Foundation and the The International Center for Not-for-Profit Law, as part of the National Risk Assessment of legalization (laundering) of criminal proceeds and financing of terrorism, which is conducted in accordance with the FATF Recommendations
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