India attends 32nd virtual EAG plenary meet
Indian officials, including representatives from enforcement agencies has attended the virtual 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting, under the aegis of the Financial Action Task Force.
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Pakistan, which continues to remain on the “grey list” of FATF, had earlier been given the deadline till the June plenary to ensure compliance with the 27-point action plan against terror funding networks and money laundering syndicates, or face “black listing”.
Eurasian Group on Combating Money Laundering and financing of terrorism(EAG)
The Eurasian Group on Combating Money Laundering and financing of terrorism is an FATF-style regional body.
The EAG was established in 2004 and is currently an associate member of the FATF.
EAG brings together nine countries in the region (Belarus, China, India, Kazakhstan, Kyrgyz Republic, Russia, Tajikistan, Turkmenistan and Uzbekistan). Observer status has been granted to 15 countries and 23 international organizations.
The Agreement on the Eurasian Group on Combating Money Laundering and Financing of Terrorism was signed in Moscow in June 2011, granting the EAG the status of a regional intergovernmental organization.
The EAG was created for the countries of the Eurasian region not included in the existing FATF-style regional groups and is intended to play an important role in reducing the threat of international terrorism and ensure the transparency, reliability and security of the financial systems of states and their further integration into the international infrastructure for combating money laundering and terrorism financing (AML/CFT).
Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
With more than 200 countries and jurisdictions committed to implementing them.
The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes.
The FATF also works to stop funding for weapons of mass destruction.