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News: Indian officials have attended the virtual 32nd plenary meeting of Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG).
Facts:
- EAG: It is a regional body established in 2004.Currently,it is an associate member of the Financial Action Task Force(FATF).
- Members: It comprises nine countries namely India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus.
- Purpose: To ensure cooperation and integration of EAG member-states into the international system of anti-money laundering and combating financing of terrorism in accordance with the recommendations of FATF.
Additional Facts:
- FATF: It is an inter-governmental body established in 1989 during the G7 Summit in Paris.
- Secretariat: It is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris.
- Objectives:
- set standards and promote effective implementation of legal, regulatory and operational measures
- for combating money laundering and terrorist financing and
- other related threats to the integrity of the international financial system.
- Members: It comprises 37 member jurisdictions and 2 regional organisations representing most major financial centres in all parts of the globe.
