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Draft Memorandum between EEC and EAG on combating money laundering approved

Draft Memorandum between EEC and EAG on combating money laundering approved

9/15/2020

On September 15, the EEC Board approved a draft Memorandum between the Eurasian Economic Commission and the Eurasian Group on Combating Money Laundering (EAG). The document is aimed at expanding the framework and format of cooperation between the EEC and the EAG as well as its participants’ opportunities to use the potential and best practices. 

"We have been cooperating with the EAG since 2016. However, current trends in the global economy, challenges and threats arising from the advances in new technologies, the need to protect the Union Member States' financial systems as well as the development of integration processes make the formats of interaction between our organizations used so far insufficient," noted Timur Zhaksylykov, Member of the Board – Minister in charge of Economy and Financial Policy of the EEC.

The arrangement on strengthening further cooperation between the EEC and the EAG was reached in July 2020 following a discussion between Timur Zhaksylykov, Member of the Board – EEC Minister, and Yuri Chikhanchin, Chairman of the Eurasian Group on Combating Money Laundering and Financing of Terrorism and Director of the Federal Financial Monitoring Service. 

For reference 

The Eurasian Group on Combating Money Laundering (EAG) is a regional group aimed at assisting the States in the region in creating appropriate legal and institutional frameworks to combat money laundering and financing of terrorism. The EAG conducts assessments of the Member States' national systems in this field, studies typologies of money laundering and financing of terrorism and implements technical assistance programs for the Member States. The EAG comprises nine States, including Belarus, Kazakhstan, Kyrgyzstan and Russia. Armenia participates in the EAG activities as an observer.​