Representatives of the State Control Committee and the National Bank took part in the FATF Plenary Week in Paris
Representatives of the Financial Monitoring Department of the State Control Committee and the National Bank took part in the Plenary Week of the Group for the Development of Financial Measures against Money Laundering (FATF), which was held on February 16-21, 2020 in Paris (France).
The employees of the Financial Monitoring Department of the State Control Committee and the National Bank were part of the delegation of the Eurasian Group on Combating Money Laundering and the Financing of Terrorism (EAG).
In total, the Plenary Week events were attended by more than 800 representatives of FATF member states, member states of FATF-type regional groups, the World Bank, the International Monetary Fund, the informal association of financial intelligence units of the Egmont Group and other international organizations.
Within the framework of the FATF Plenary Week, the mutual assessment reports of South Korea and the UAE were reviewed and approved. Both countries are placed on enhanced monitoring by the FATF (annual report).
The plenary session approved the digital identity manual, which explains the operation of the digital identification system and gives recommendations on the use of its individual elements in the implementation of the FATF requirements for identification, verification, and due diligence of customers.
The proposals on amending the FATF recommendations on countering the financing of proliferation of weapons of mass destruction, as well as on the issue of transparency of legal entities are considered. In addition, the FATF addressed the use of virtual assets and countering the financing of terrorist activities, as well as new methods and schemes for laundering illegal proceeds from certain categories of crimes.
Albania, Barbados, Mauritius, Myanmar, Nicaragua, Uganda, Jamaica are added in the FATF “gray list”. Trinidad and Tabago are excluded from this list in connection with the elimination of the strategic shortcomings of the national anti-laundering system.
The FATF has once again confirmed its readiness to contribute to strengthening international security as part of the implementation of the operational plan of action to counter the financing of terrorism.
As a result of the event, updated lists of countries that do not participate in international cooperation in the field of combating money laundering, financing terrorist activities and financing the proliferation of weapons of mass destruction (AML / CFT) or do not comply with the FATF recommendations are approved.
Participation of representatives of Belarus in the FATF events will contribute to the development of proposals for improving the national anti-laundering system.
Belarus is a founder and a member of the EAG, one of the nine FATF-type regional groups created to promote the FATF recommendations and monitor their implementation by member states. Since June 2010, the EAG has been an associate member of the FATF. The EAG includes 9 states: Belarus, India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Turkmenistan and Uzbekistan.