07.10.2022 (Обновлено: 14.10.2022 15:39)

EAEU countries intensify efforts on countering fraudsters in financial markets

Arkady Khachatryan, Director of the Financial Policy Department of the Eurasian Economic Commission, informed on new challenges and objectives to control fraud in the EAEU countries’ financial markets at the 7th International Conference on Protecting Rights of Financial Service Consumers "Territory of Financial Security".

According to him, intense digitalization is fraught with a number of urgent threats, including in financial security of citizens, because cybercriminals make active use of today's challenges to find new illegal ways to make money.

According to the Kazakh side, organizations with signs of financial pyramids gained possession of the property of more than 17 thousand depositors for amount over 27 bln tenge in the first five months of this year in Kazakhstan.

According to the Bank of Russia, against the background of active development of new remote payment services, transfer of funds using electronic payment instruments increased by 28% and exceeded 1 trn rubles in 2021. Along with that, the volume of transactions conducted without customer authorization increased by almost 40% compared to 2020.

"Intensifying the fraud control in the financial markets is an overall objective for all the Eurasian Union countries", Arkady Khachatryan stressed.

The Director of the EEC Department has also noted that the imposed economic sanctions and restrictive measures have a serious negative effect on financial markets and affect all the Eurasian Economic Union countries.

In order to develop measures to reduce economic damage due to third country actions, a high-level Working Group was established by the Commission involving heads of the financial and economic departments of the Union States. The Group has developed Recommendations on fostering the use of national currencies in mutual trade between the EAEU Member States, approved by the Eurasian Intergovernmental Council in August this year.

"Provision is made for developing intersystem interaction between national payment card systems, developing a network of correspondent bank accounts in national currencies, and intensifying the exchange of financial information and efforts to ensure smooth payments within the EAEU", the Head of the EEC Department summed up.