FATF

FATF is an international taskforce of financial measures to combat money laundering, which develops world standards in the sphere of anti-money laundering and combating the financing of terrorism (AML/CFT) and evaluates national AML/CFT systems for compliance with such standards.

FATF was established in 1989 by decision of the G7 countries and is the foremost international institution developing and implementing international AML/CFT standards. FATF members are 34 countries and 2 organizations. FATF observers are 20 organizations and 2 countries.
The chief FATF instrument for realizing its mandate are the 40 AML Recommendations that are revised once every five years and 9 special CFT recommendations developed in the wake of the 9/11 events in the face of the growing threat of international terrorism.

Under the UN Security Resolution No.1617 (2005), the FATF 40 9 Recommendations are mandatory international standards to be complied with by UN member states.

The main decision-making tool of FATF is the Plenary that meets three times a year as well as FATF working groups:

  • on evaluations and implementation;
  • on typologies;
  • on terrorist financing and money laundering;
  • on international cooperation.

FATF focuses a great deal of attention on the cooperation with such international organizations as the IMF, World Bank, and the UN Office on Drugs and Crime. These structures implement their own AML/CFT programs.

One of the chief instruments for implementing FATF recommendations at the national level is a Financial Intelligence Unit that is tasked with collecting and analyzing financial data on the nationwide scale in order to detect illicit cash flows.

EAG is an observer to FATF since February 2005 and a FATF-style regional body (FSRB). In June 2010 EAG was granted associate member status within the FATF.

Proper measures have been undertaken to bring EAG into line with the new FATF requirements for FSRBs. EAG has applied for FATF Associate Member status. Russia and China are EAG member states that are also FATF members.

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    EAG in the news

    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
    02.01.2017
    Common projects with the OSCE Programme Office in Astana, 2016 In 2016 the Financial Monitoring Committee of the Ministry of Finance of the Republic of Kazakhstan (hereinafter Committee) and OSCE Programme Office in Astana continue advanced training of people working in the Committee, subjects of financial monitoring, representatives of law enforcement and government agencies, who are responsible for AML/CFT.
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