Latest news with #EurasianGroup
Russia Today
4 days ago
- Business
- Russia Today
EU may target Russia's financial reputation
The EU is considering adding Russia to its anti-money laundering 'grey list' in an effort to cause reputational damage and increase financial pressure on Moscow, Financial Times reported on Friday. The blacklist includes countries that Brussels considers to have inadequate regulations against shady financial activity. Inclusion on the list would impose extra compliance requirements on banks and financial institutions dealing with Russian individuals and entities, leading to higher costs in conducting business activity. The European Commission is preparing to adopt a revised list of high-risk third countries next week, after postponing its release at the last minute for 'administrative/procedural reasons,' FT reported. 'There is huge support for putting Russia on the list,' Markus Ferber, a German MEP with the center-right European People's Party, the EU parliament's largest grouping, told the outlet. Typically, the EU aligns its blacklist with decisions from the Financial Action Task Force (FATF), a global intergovernmental body that combats money laundering and terrorist financing. Although Russia's FATF membership was suspended in 2023, several countries would likely block any attempt to formally add it to the FATF grey list, leading Brussels to consider unilateral action. Despite its suspension from FATF, Russia continues to engage with the Eurasian Group (EAG), a regional body affiliated with FATF. In 2024, the EAG assessed Russia's progress in strengthening its anti-money laundering and counter-terrorism financing measures. It acknowledged some improvements but urged further action, particularly in enforcing targeted financial sanctions and increasing transparency around beneficial ownership. Ukraine has repeatedly pushed for Russia to be placed on the FATF blacklist, citing its connections with already blacklisted states and the potential risks it allegedly poses to the global financial system. However, these attempts have failed due to resistance from several FATF member states, including China, India, Saudi Arabia, and South Africa. Despite being suspended, Russia remains obligated to comply with FATF standards and continues to fulfill its financial commitments to the organization.
Al Etihad
02-06-2025
- Business
- Al Etihad
UAE participates in Eurasian Group's Plenary Meeting on Anti-Money Laundering
2 June 2025 20:34 MOSCOW (WAM) The United Arab Emirates participated in the 42nd Plenary Meeting of the Eurasian Group on Combating Money Laundering (EAG) and its accompanying forum, which was co-organised by the Eurasian Group and the Middle East and North Africa Financial Action Task Force (MENAFATF) in Moscow, joint forum on regulation and risks marked the first-ever event to bring together two regional FATF-style bodies, reflecting the growing strategic partnership and international cooperation in addressing global risks associated with money laundering and terrorist financing. The forum focused on the theme 'Risk Management in the Era of Modern Technology,' with participation from over 200 high-level representatives from anti-money laundering and counter-terrorist financing authorities, regulatory bodies, financial intelligence units, the private sector, international organisations, and UAE delegation was led by Hamid Al Zaabi, Secretary-General and Vice Chairman of the UAE's National Anti-Money Laundering and Counter-Terrorist Financing and Financing of Illegal Organisations Committee, and Vice President of MENAFATF. He also participated in the main panel discussion titled 'Future Trends – Global Challenges and Digital Threats.'The UAE delegation, also attending as an observer to the Eurasian Group, showcased the latest developments in the country's efforts to combat money laundering and terrorist financing, including national initiatives leveraging artificial intelligence and digital innovation to strengthen the UAE's capabilities in tackling financial part of the visit, the UAE Embassy in Moscow hosted a 'Youth Circle' session, where Al Zaabi delivered an awareness presentation to Emirati youth and scholarship students. The session focused on sharing knowledge about the UAE's anti-money laundering and counter-terrorist financing framework while highlighting promising career opportunities in this vital sector, which is closely tied to financial system integrity and national security. The forum provided a high-level platform for dialogue on evolving regulatory approaches, public-private partnership strategies, and regulatory responses to technological change. It also contributed to enhancing cooperation between the Eurasian Middle East and North Africa regions in combating money laundering and terrorist financing.
