Plenary meetings EAG

14th Plenary meeting and meetings of EAG Working groups on combating legalization of illegally-gained incomes and terrorism financing

On June 14-17, 2011 Moscow hosted 14th Plenary meeting and meetings of Working groups of the Eurasian group on combating money laundering and financing of terrorism (EAG). The Republic of Kazakhstan was represented by the members of KFM, NB, GP and KNB, and other representatives of member states and observers of EAG, i.e. more than 20 states and international organizations involved in the international system combating money laundering and terrorism financing.

In terms of the EAG Plenary week they held Consultations with private sector on the theme “Renewed FATF standards: on the way to transparent global financial system and secure national economies” with participation of the representatives of JSC “Kazcommertsbank” and JSC “Bank CenterCredit”. The aim of Consultations was to explain the forthcoming changes of 40+9 FATF Recommendations.

At the Working group on mutual evaluations and legal issues they considered the report on mutual evaluation of Kazakhstan.

In the final speech on Kazakhstan EAG remarked the efficient level of implementation of FATF key requirements in Kazakhstan concerning functioning of financial intelligence units. Certain institutional and regulatory mechanisms in the line of supervision and control and in terms of law-enforcement system are created. Thus, the procedure of standard monitoring is fixed for the Republic of Kazakhstan.

At the same time, Kazakhstan should represent the report on implementation of recommendations of mutual evaluation in June 2013, and EAG also appeals Kazakhstan to keep on improving the system of combating legalization of illegally-gained income and terrorism financing.

One of the most important events at the EAG meeting was signing of Agreement about EAG by the representatives of Russia, China, Kyrgyzstan, Uzbekistan, Belorussia, Tajikistan and Turkmenistan. The Agreement establishes the status of EAG as the intergovernmental organizations that will function on the principles of equal participation of member states in the activity of the Group. In the nearest future India and Kazakhstan plan to join the Agreement.

Besides above-mentioned, the International training center on financial monitoring represented its projects aimed at rendering of informative and methodical assistance to member states of EAG concerning improvement of legislature in the sphere of combating money laundering and terrorism financing, financial investigations and staff training for national systems. The members of Plenary meeting also discussed and approved of the work plan of EAG for the period till 2015.