The Egmont Group of Financial Intelligence Units applies countermeasures against rosfinmonitoring

The Egmont Group (EG) of Financial Intelligence Units (FIUs) has applied unprecedented countermeasures against one of its members – the FIU of russia, (rosfinmonitoring).

On December 13, 2022, following the results of long discussions ad debates headed by the EG Chair Ms. Xolisile Khanyile, the virtual meeting of the EG’s governing body was held. As a result of it, the consensus has been reached on the public reaction of the EG on the war of rf against Ukraine and recognition of the risks posed by the aggression to the FIUs community.

Thus, on December 15, 2022, EG Chair issued the Statement where she expressed deep concern due to the devastating effects of the current russian military aggression against Ukraine and the negative impact on the State Financial Monitoring Service of Ukraine (FIU of Ukraine).

The Statement says, in particular that the situation in Ukraine hamper the essential foundation of mutual trust among EG member jurisdictions and negatively affect the success of joint anti-money laundering and counter-financing of terrorism (AML/CFT) efforts.

Based on the prerogative to protect the EG’s interests, purposes, and goals, as set in the EG Charter and EG Principles for Information Exchange Between Financial Intelligence Units, the HoFIU agreed to take the following actions related to rosfinmonitoring (FIU of the Russian Federation):

1. Revoke rosfinmonitoring’s responsibility to host EG meetings.
2. Revoke rosfinmonitoring’s formal EG leadership, advisory, and representative positions.
3. Revoke rosfinmonitoring’s physical attendance at EG meetings and project participation privileges. rosfinmonitoring will only be allowed to attend meetings virtually, where this possibility is made available by the host of such meetings.
4. Terminate an in-kind support agreement by rosfinmonitoring to the EG Secretariat.
5. Postpone in-kind contributions from/on behalf of rosfinmonitoring.
6. Postpone rosfinmonitoring’s corporate obligations with the expectation that payments would resume when the current crisis concludes.

This decision has been made to protect the EG’s integrity, reputation, and mutual trust among its members, reconfirm its commitment to the international AML/CFT community, strengthen the EG’s relationships and collaborations with its observer organizations, international partners, and donor organizations, and ensure its corporate policies and practices align with global (financial) sanctions, the EG is implementing appropriate measures

Head of the SFMS Mr. Igor Cherkaskyi noted:

«This unique decision of the FIUs community is aimed at restoring trust and protecting the integrity of the global sensitive financial information exchange.

We thank EG Leadership, its Secretariat, and our colleagues from the FIUs of civilized countries for the decision to condemn the aggression, and support the actions to protect the EG’s interests.

We will continue to work hard with our international partners to take further action to restore justice and to isolate and sanction the country-aggressor and its state institutions on the AML/CFT platforms.».