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On 25 November, the 41st plenary week of the Eurasian Group on Combating Money Laundering and Financing Terrorism (EAG) commenced in Indore, India. This plenary week, which will continue until 29 November, will discuss mutual evaluations of anti-money laundering systems and technical assistance. Participants are expected to approve a number of typological studies on current topics, including the regulation of virtual assets.

On the sidelines of the EAG plenary session, the 29th meeting of the Council of Heads of Financial Intelligence Units of the CIS member states will be held.

The Eurasian Group on Combating Money Laundering and Financing Terrorism was established in 2004. The group includes nine states: Belarus, India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, and Uzbekistan.

As a regional body similar to the FATF, the EAG conducts mutual evaluations, during which the national anti-money laundering and counter-financing of terrorism (AML/CFT) systems of member states are assessed for compliance with international standards. In June 2024, following the approval of the mutual evaluation report on India by the FATF plenary, all EAG member states completed the second round of assessments. A new, third round of mutual evaluations will begin at the end of 2025.

The EAG Secretariat conducted a scheduled training session for assessors in preparation for the upcoming third round of mutual evaluations of EAG member states. The seminar, which took place from 4-8 November in Almaty, Kazakhstan, was attended by experts representing government agencies from Belarus, India, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, and Uzbekistan. In addition to experts from EAG member states, representatives of financial intelligence units from Azerbaijan and Serbia also participated in the training.

The results of mutual evaluations are often perceived by foreign business circles as a “business card” for a country and an indicator of the reliability of its financial system. In this context, the AML/CFT systems of member states should be viewed not only from the standpoint of combating crime but also as a crucial tool for ensuring socio-economic stability and financial security.

ORIENT

Photo: eurasiangroup.org