11 Dec 2009 06:32

Anti-money laundering and security body meets in Guilin

Shanghai. December 11. INTERFAX-CHINA - The Eurasian Group on Money Laundering and Financing of Terrorism recognized China's progress in the fight against money laundering and terrorism financing at its 11th Plenary Meeting from Dec. 7 to Dec. 9 in Guilin City, Guangxi Zhuang Autonomous Region.

The organization noted that the Chinese government has continuously enhanced money laundering and terrorism financing legislation and enforcement practices, according to a statement from the organization.

China took concrete steps to address gaps in the law regarding terrorism financing and implemented improved preventive and regulatory measures in the financial sector, the statement said.

The 11th Plenary Meeting of the EAG was chaired by Oleg Markov, aide to the President of the Russian Federation.

The Eurasian Group on Money Laundering and Financing of Terrorism is a government-sponsored organization that was formed in October 2004 by China, Russia and several Central Asian countries. The organization was created to minimize the threat of terrorism and contribute to the transparency, reliability and safety of the regional financial system.

The meeting included representatives from the financial intelligence units and other authorities of the EAG member states, including Belarus, China, Kazakhstan, the Kyrgyz Republic, Russia, Tajikistan and Uzbekistan.