Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

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Joint EAG/ MONEYVAL Experts’ Meeting on Money Laundering and Terrorist Financing Typologies
Moscow, 9 November 2010

Speech by Mr Vladimir Nechaev
Chairman of MONEYVAL


Mister Chairman of Rosfinmonitoring,
Co-chairs of the Typologies Working Group,
Distinguished guests, colleagues, ladies and gentlemen

It is a great pleasure for me, as Chairman of MONEYVAL, to join Mr. Chikhanchin in welcoming you all to the 2010 Joint EAG/MONEYVAL Typologies meeting in Moscow, the capital of the country that is both an EAG and MONEYVAL member, an in addition to that – my native country.

I would like to express my appreciation to EAG for the initiative to invite MONEYVAL to hold a joint event. I would also like to thank the EAG and MONEYVAL Secretariats and the Russian authorities for all their efforts in preparing the meeting.

MONEYVAL has gladly accepted this invitation. This is thus the first meeting of its kind, where two FATF regional style bodies and FATF associate members join forces on typologies.

I would thus like to thank each and every one of you for coming to this meeting. It is encouraging to see that so many experts have come to discuss the methods and techniques used by criminals to launder money, specifically: the use of Internet, as well as ML/FT risks of misuse of E-money, of non-traditional financial institutions, of alternative remittance systems and of foreign trade operations.

It’s good to see here private sector representatives. MONEYVAL has recently initiated a dialogue with the private sector on a range of AML/CFT issues in the context of specific typologies projects, such as those on ML/FT risks in the insurance sector and in the online gaming industry. One result of it is the publication by MONEYVAL in October this year of our typology study on ML through the insurance sector. I am convinced that such interactions should be enhanced in the future, as they can only be mutually beneficial.

Also in October the Committee of Ministers of the Council of Europe approved a new Statute for MONEYVAL. Among the scope of our activities the Statute specifically states regular thematic typologies on the features, techniques, trends and magnitude of money laundering and the financing of terrorism. Indeed, the examination of ML/FT real cases, methods, techniques and trends, the identification of new ways which criminals may have found to circumvent AML/CFT measures, is a part of our core business and at the same time it is also a key preventive tool.

The topics we have decided to explore jointly during this meeting – “Criminal money flows on Internet and the risks of misuse of E-money in ML/FT schemes” are challenging. We all see daily evidences of the use of Internet and information and communication technologies for fraud and other economic crimes, all highly transnational in nature, generating large amounts of proceeds which are inevitably laundered at some stage.

At the same time, law enforcement authorities indicate that they face a number of difficulties in detecting timely criminal money flows on the Internet and in taking appropriate action. This meeting will undoubtedly give EAG and MONEYVAL experts an excellent opportunity to exchange views and practical experiences on a very timely topic, and to identify relevant ML/FT trends and techniques. 

I would like to cite another paragraph from the new MONEYVAL Statute: MONEYVAL shall contribute actively to the global fight against money laundering and the financing of terrorism by working closely with other key international partners, including the FATF, the IMF, the World Bank, the United Nations, the European Union and other FATF-Style Regional Bodies (FSRBs).

Our present meeting is exactly one of such activities in this cooperation. I am confident that the discussions during the next two days will lead to a productive dialogue, and concrete results will be achieved.

The results of this typologies meeting will also enable both EAG and MONEYVAL to make a substantive contribution to the overall FATF policy making process in the following months. As you know, the FATF is reconsidering some parts of the Recommendations in order to address identified loopholes in the standards or new or emerging threats. Those include inter alia FATF Rec. 5 on CDD, Rec. 8 on the misuse of technological developments in ML or terrorist financing schemes.

I look forward to the discussions we will have here in Moscow and wish you productive work.

Thank you for your attention.