Indore (Madhya Pradesh): Even as the 41st Plenary Meeting of the Eurasian Group on Combating Money Laundering and Terrorist Financing concluded here on Friday, EAG chairman Yuri Chikhanchin said that there is an urgent need to have a unified mech.sm for checking funding to the terrorist outfits which is a threat to the global peace and stability.
“Money laundering and cryptocurrencies are the main sources of funding to the terrorist org.sations. The world needs to develop a unified mech.sm to contain sponsoring of terror,” he told reporters on the final day of the EAG plenary in Indore.
The 41st plenary meeting had brought together representatives from EAG member states, Financial Action Task Force (FATF), regional bodies and international org.sations. A major highlight of the meeting was the review and approval of India’s mutual evaluation report against anti-money laundering and terror financing. The report recognised India’s high level technical compliance with FATF standards and its effective anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing (CPF) measures.
India’s performance was applauded, with the country being placed in the “regular follow-up” category, the highest possible rating. The plenary also reviewed a progress report on Tajikistan and discussed emerging money laundering and terrorist financing risks for 2024. New challenges, including the use of cryptocurrencies, professional money launderers and proxy accounts, were highlighted.
Delegates shared best practices for combating these threats focusing on enhanced national AML/CTF systems, scientific advancements, and interagency collaboration. The Plenary approved the United Arab Emirates’ application for EAG observer status and reviewed updates on Russian-led initiatives, including the International Financial Security Movement and the Financial Security Olympiad.
Workshops on innovation in the financial sector and the risk assessment of legal entities were also conducted, offering insights into modern AML/CTF strategies. The Plenary meeting commemorated the 20th anniversary of the Eurasian Group with formal celebrations.
