EAG grants observer status to ADB

Tashkent, Uzbekistan (UzDaily.com) -- The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) has granted observer-member status to the Asian Development Bank (ADB).

As an observer-member, ADB will work closely with EAG to support anti-money laundering and countering financing of terrorism (AML/CFT) initiatives in the five countries of shared membership (Kazakhstan, Kyrgyz Republic, People’s Republic of China (PRC), Tajikistan, and Uzbekistan). Support will be provided through enhanced coordination of technical assistance, as well as sharing of experiences and knowledge.

EAG is focused on creating the legal and institutional framework for AML/CFT in member-states in line with the standards set by the Financial Action Task Force (FATF).

ADB is an international development finance institution whose mission is to help developing member countries reduce poverty and improve the quality of life of their people. ADB is owned and financed by 67 members, of which 48 are from the region and 19 are from outside the region.

Of the five common members, ADB is currently supporting AML/CFT reform initiatives in the PRC by helping experts formulate anti-money laundering related legislation.

During the EAG plenary meeting held Thursday in Moscow, ADB’s Senior Counsel Rita O’Sullivan briefly discussed ADB’s commitment in the Central Asian region to support global AML/CFT initiatives.

ADB is one of the first multilateral development banks to address risks to financial sectors arising from money laundering, through direct assistance to a number of its developing member countries.