State-owned Bank of Baroda on 6 December 2022 has bagged an EAG Laureate award in the International Olympiad of Financial Security held at Sochi, Russia on 10 October 2022.
The Eurasian group on combating money laundering and terrorism (EAG) is a FATF type regional which comprises of 9 members including India. The 9 countries are: Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan. EAG is an associate member of the FATF.
FATF is the global money laundering and terrorist financing watchdog set up in 1989 out of a G-7 meeting of developed nations in Paris.
- Its Objective:
- Initially, its objective was to examine and develop measures to combat money laundering.
- After the 9/11 attacks on the US, the FATF in 2001 expanded its mandate to incorporate efforts to combat terrorist financing.
- In April 2012, it added efforts to counter the financing of proliferation of Weapons of Mass Destruction (WMD).
About Bank of Baroda :
It is the second largest public sector bank in India after State Bank of India (SBI). The banks in which the government of India holds 51% or more equity shares are called public sector banks in India.
Chairman of the Bank: Hasmukh Adia
Managing Director (MD) and Chief Executive Officer (CEO): Sanjiv Chadha
The Headquarters of the bank: Vadodara, Gujarat