Illicit financial flows (IFFs) in the EU’s Eastern Partnership (EaP) region, can be estimated at around €29 billion (US$31 billion) every year according to a new study released by the EU and the UN Interregional Crime and Justice Research Institute.

One of its recommendations to counter IFFs is that consideration should be given to tightening controls on financial institutions in the EaP region – Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine – to file suspicious transaction reports (SARs) and successfully identify beneficial owners of bank accounts, companies, and trusts.

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