OSCE hosts a seminar on the role of the private sector in combating money laundering and terrorism financing

TASHKENT, 20 May 2015 – An OSCE hosted seminar to discuss the role of the private sector in national assessment of risks of money laundering and financing of terrorism started today in Tashkent.

The day-long seminar was organized by the OSCE Project Coordinator in Uzbekistan together with the Financial Intelligence Unit of Uzbekistan and the International Training and Methodology Centre for Financial Monitoring in the framework of the plenary assembly of the Eurasian Group on Combatting Money Laundering and Financing of Terrorism (EAG), held in Tashkent in the period of 18-22 May, 2015.

Delegations of all EAG member-states, representatives of the government and the financial sector of Uzbekistan, as well as international experts discussed some of the most pressing money laundering and terrorism financing risks. They also shared knowledge on how to effectively assess and tackle them. The participants stressed the importance of the private sector involvement for an efficient implementation of the National Risk Assessment.

“The OSCE continues to support international efforts that have made National Risk Assessment the standard in the fight against money laundering and financing of terrorism. Risk-based approach can help design comprehensive and cost- and result-effective strategies. But for this to happen it is vital that the private sector be fully involved,” said Ambassador György Szabo, the Head of Mission of the OSCE Project Co-ordinator in Uzbekistan.

The seminar is part of long-term activities by the OSCE Project Coordinator in Uzbekistan to support the government of Uzbekistan in its work to combat money laundering and terrorism financing.