Summary of Conclusions

G8 Finance Ministries and Financial Intelligence Units Coordination Meeting

St.Petersburg, May 31, 2006

In a run-up to G8 Pre-Summit Finance Ministers Meeting in St.Petersburg 9-10 June 2006 G8 Finance Ministries and Financial Intelligence Units (FIU’s) representatives held a coordination meeting 31 May 2006 on the sidelines of the 4-th Plenary Session of FATF-style Eurasian Group (EAG) in St.Petersburg.

The Finance Ministries and FIU’s representatives made an overview of the merits in developing cooperation between the existing FATF-style regional bodies (FSRBs) and improving coordination of their activities with the FATF and international organizations, like the IMF and the World Bank.

They have acknowledged that FATF-style regional bodies are important structures in global fight against money laundering and combating financing of terrorism (AML/CFT) which expand the reach of the AML/CFT message while maintaining focus on regional problems and typologies.

Participants to the meeting shared view that developing inter-FSRB’s cooperation and collaboration with the FATF and other related international institutions will increase common understanding and same interpretation by FSRBs of FATF-approved codes and standards. As tools appropriate for this type of cooperation FSRBs can choose from various forms of sharing information and expertise, implementing joint projects in training and typologies exploration, carrying out mutual evaluations of implementation of FATF standards.

In view of the above it was considered appropriate to call upon membership of FSRB’s to enhance inter-FSRB’s cooperation in sharing information, including evaluation reports, technical assistance, typologies exploration, training activities, etc.

Participants to the meeting have further agreed that discussions with private sector proved to be a useful tool in AML/CFT and sharing conclusions and findings of these activities may be helpful to the efforts in taking forward the Public-Private Partnership Initiative in Counter fighting Terrorism which is considered within the framework of the Rome-Lyon process.