FATF-Style Regional Bodies
An important role in worldwide spreading of international AML/CFT standards is played by the FATF-Style Bodies created in different regions of the world.
The core task of such bodies is to combat money laundering and financing of terrorism in relevant regions, in particular by means of mutual evaluations of compliance national systems of their members with international AML/CFT standards (the FATF 40+9 Recommendations) and of conduct of research of money laundering and financing of terrorism trends and methods (typologies) that are specific to relevant region.
The FATF jointly with the FATF-Style Regional Bodies constitute an integrated international system (network) of spreading and implementing international AML/CFT standards as well as of controlling of compliance with them at a national level.
At present 8 FATF-Style Regional Bodies (FSRB) exist, and one of them is the EAG:
Offshore Group of Banking Supervisors (OGBS) has similar with FSRB functions that allows to class it as an FATF-Style Regional Body.
One more regional body – Central African Anti-Money Laundering Group (GABAC) which has similar with FSRB mission and objectives – has not been recognized by the FATF as an FATF-Style Regional Body yet.
The creation of EAG to unite Eurasian countries outside existing regional FATF-style bodies was meant to play a key role in minimizing the treat of terrorism and contributing to the transparency, reliability and safety of the regional financial system, as well as to involve the region’s countries in the international AML/CFT system.