| Subject: | Re: EG Financial Reserves and Updated EC Internal Rules and Operating Procedures |
|---|---|
| Date: | Sat, 16 May 2020 17:47:45 +0400 |
| From: | Financial Monitoring Center - Armenia <fdk@egmont.org> |
| To: | ESecretariat <secretariat@egmont.org>, edgar.lopez@egmont.org, bahrain-fiu@egmont.org, tasbea@egmont.org, marko.stolle@egmont.org, sp-jfiu@egmont.org, zahra.maleki@egmont.org, wilson.onea@egmont.org, annalou.tirol@egmont.org, andrey.frolov@egmont.org, jagmohan.chaudhary@egmont.org, lalaine.rafol@egmont.org, AUSTRAC.HoFIU@egmont.org, intel-support@egmont.org, kidane.hadera@egmont.org, michelle.ouyang@egmont.org, tariku.dela@egmont.org, edric.ogomeni@egmont.org, michael.schoeb@egmont.org, ctaf-requests@egmont.org, michael.tukei@egmont.org, turkmenistan.fms.analyse@egmont.org, ramatoulaye.gadio@egmont.org, turkmenistan.fms.int@egmont.org, consultasuafrd@egmont.org, wael.lafi@egmont.org, sydney.asubo@egmont.org, sherifah.tumusiime@egmont.org, elisabeth.rattigan@egmont.org, uif-fgr@egmont.org, KwFIU_EG@egmont.org, jaakko.christensen@egmont.org, Ghazi.Alabduljalil@egmont.org, fic-zambia-correspondence@egmont.org, mohammed.almutairi@egmont.org, thomas.azandossessi@egmont.org, 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Dear colleagues,
We trust you remain safe and healthy in this difficult situation caused by the coronavirus globally.
Further to the communication of the Egmont Group Secretariat from 21 April 2020, please find in the attached document our position on the proposed amendments to the “Internal Rules and Operating Procedures of the Egmont Committee (Revised March 2020)”.
Upon thorough analysis of the said procedures vis-à-vis the relevant EG documents/ HoFIU decisions, we see significant divergence from the caveats embedded in the 2015 TT Recommendations and, overall, the very purpose of the EG reorganization since then.
Accordingly, we expect due consideration of the issues raised in the document by the Egmont Committee prior to their comprehensive discussion by the HoFIU, as appropriate.
Best regards,
Financial Monitoring Center
Central Bank of Armenia
Dear HoFIU,
We trust you are well and healthy!
This communication is intended to present two documents requiring your attention:
1. For endorsement – Memorandum on Recommendation for the Use of the Egmont Group Financial Reserves (together with accompanying analysis);
The document is the result of extensive work by the Egmont Committee for determining the best use for the existing financial reserves. The Memorandum presents the ideas put forward by Egmont members and the results of the analysis conducted by the EC Financial Reserves Sub-Group as well as proposes a series of next steps. It is important to highlight that two cycles of proposal collection across the entire organisation have been conducted by the EC Financial Reserves Sub-Group for this work. The Sub-Group analysed all ideas received based on their maturity, justification with background information, coverage/benefits for the organisation as a whole or for specific Regions/FIUs and readiness to be financed. Further details, full analysis and recommendations are provided in the attached Memo and its Annex.
2. For noting – Memorandum presenting the updated Internal Rules and Operating Procedures of the Egmont Committee.
According to the EG Charter (section 6.3-B-6), the EC determines its operating procedures. The document Internal Procedures of the Egmont Committee was first developed in 2003 and updated over time to reflect the changes to the EG and the authority granted to the EC by the revised EG Charter and the HoFIU. The EC last revised the document in January 2015 (Berlin, Germany). Subsequently, the HoFIU made further decisions that required updates to the EC operating procedures (i.e. adoption of the Task Team Recommendations, revisions to the EG Charter, adoption of a new succession planning model as well as of a new communication strategy). The EC’s April 2020 updates to the Internal Rules and Operating Procedures of the Egmont Committee implement these HoFIU decisions and are presented for noting.
Your comments to the two documents are highly appreciated until Wednesday, May 20th, 2020 (COB Ottawa). Consistent with the usual practice, no responses will be considered as tacit endorsement/noting.
Best regards,
The Egmont Group Secretariat