The 41st Plenary Meeting of the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) concluded on Friday in Indore with a significant call to action. EAG Chairman Yuri Chikhanchin underscored the pressing need for a unified global mechanism to counteract the use of cryptocurrencies and money laundering as channels for funding terrorist activities, which he labeled as critical threats to global peace and stability.
Speaking at the event’s conclusion, Chikhanchin stressed, “Money laundering and cryptocurrencies are the main sources of funding to terrorist organisations. The world needs to develop a unified mechanism to contain sponsoring of terror.”
The plenary meeting saw the participation of delegates from EAG member states, the Financial Action Task Force (FATF), regional bodies, and other international organizations. Central to the discussions was the role of cryptocurrencies in facilitating illegal financing and the imperative to strengthen collaborative measures to curb such activities.
India’s Counter-Terror Financing Efforts Applauded
One of the key outcomes of the meeting was the review and subsequent approval of India’s mutual evaluation report concerning its anti-money laundering and counter-terrorist financing measures. The report highlighted India’s robust compliance with FATF standards, showcasing the country’s effective frameworks for combating money laundering, terrorist financing, and proliferation financing.
India’s efforts received high praise, with the country earning the top-tier classification of being placed in the “regular follow-up” category. This rating reflects India’s strong technical adherence to global standards and its commitment to maintaining international security.
The plenary’s findings and discussions emphasized the urgency of addressing the evolving tactics employed by terrorist organizations, particularly the misuse of digital currencies. With cryptocurrencies gaining popularity and anonymity, the challenge of regulating their use while maintaining technological progress remains a top priority for global policymakers.
Chikhanchin’s appeal for a unified mechanism resonates with growing international concerns over gaps in the global financial system that allow illicit funding to proliferate. As nations and organizations deliberate on the next steps, the need for cohesive and enforceable global standards is clearer than ever.
The Indore meeting has set the stage for further collaboration among member states and international agencies, aiming to fortify global defenses against money laundering and terrorist financing, particularly in the age of digital currencies. The EAG’s call to action underscores the urgency of international unity in combating these modern threats to security and stability.
