Consultations with private sector
The EAG holds consultations with banking and insurance community that are aimed at raising the effectiveness of compliance with international AML/CFT standards by private sector institutions of the Eurasian region, and develops recommendations on how to assess and minimize the risks of using financial institutions in criminal schemes of money laundering and financing of terrorism, with a look of regional specifics.
The purpose of these consultations is to discuss practical issues of implementation of the FATF standards (40+9 Recommendations), to reveal difficulties in their implementation and to define the potential need for practical guidance or clarification/specification of the FATF standards.
The consultations held since 2006 cover common and specific issues of interaction among financial sector entities, in the first place interaction of credit institutions, securities market professionals and insurance companies with supervisory bodies and financial intelligence units. At consultations also focus on risks of using financial institutions in criminal schemes of money laundering and financing of terrorism as well as on client risks in the context of instability of international financial system.
Since 2006 the EAG has held 3 consultations with the private sector:
-
III EAG consultations with private sector were held on December 16, 2008
-
II EAG consultations with private sector were held on October 25-26, 2007
-
I EAG consultations with private sector were held on December 12, 2006
June 8, 2009 in the framework of the 10th EAG Plenary meeting trilateral consultations with private sector were held which included participants from Russia, India and China.