CSTO PA and Rosfinmonitoring create recommendations on regulation of cryptocurrency circulation

“Cooperation between the Federal Financial Monitoring Service of the Russian Federation and the Parliamentary Assembly of the Collective Security Treaty Organization is long-standing and systemic.
For over 10 years, Rosfinmonitoring has been making a significant contribution to the CSTO Parliamentary Assembly’s work on approximation and harmonization of the national legislations of the CSTO Member States, being one of the leading members of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) – a FATF-type regional group,” said Sergei Pospelov, CSTO PA Executive Secretary, at the formal meeting with Yuri Chikhanchin, Director of the Federal Financial Monitoring Service of the Russian Federation.
“In 2006, Rosfinmonitoring was among the first to notice the newly established CSTO parliamentary structure and considered the Assembly as an effective Eurasian integration structure to address the issues faced by the financial intelligence services of the Organization’s Member States. As early as 2014, Rosfinmonitoring and the CSTO Parliamentary Assembly signed a Memorandum on Cooperation, which formalized the longstanding fruitful relations and opened up new horizons for their further growth,” noted the CSTO PA Executive Secretary.
Sergei Pospelov stressed that the CSTO Parliamentary Assembly appreciates continuous attention and effective participation of Rosfinmonitoring representatives in the lawmaking activities of the Expert Advisory Board under the Council of the Parliamentary Assembly.
He noted the systematic work of Rosfinmonitoring’s staff, who have made a significant contribution to the development of a number of CSTO model legislative acts, and reaffirmed his commitment to continue constructive relations and implementation of possible Rosfinmonitoring initiatives and its specific activities within the current 2021–2025 CSTO PA Action Plan on Approximation and Harmonization of National Legislation of the CSTO Member States.
Let us remind you that cooperation between Rosfinmonitoring and the CSTO PA resulted in the Assembly’s development and adoption of Recommendations on the Establishment of Transparency of Economic Entities, Determination of Their Beneficiary Owners and Ownership Structure in the CSTO Member States (13.10.2017); Recommendations on Approximation of the CSTO Member States’ Laws on Confiscation of Property in the Interests of Combating Corruption, Financing of Terrorism and Other Types of Crime (5.11.2019); Recommendations on Combating Illicit Trafficking in Weapons of Mass Destruction within the Framework of International Standards of the Financial Action Task Force (30.11.2020). Recommendations on Regulating the Circulation of Virtual Assets on the Territories of the CSTO Member States (Combating the Spread of Cryptocurrencies and Other Electronic Payment Surrogates Undermining (Destroying) National Financial Systems) and Recommendations on Regulation of Trusts on the Territories of the CSTO Member States are currently being developed.
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