A new structure to combat money laundering will appear in Russia

A new structure to combat money laundering will appear in Russia
A new structure to combat money laundering will appear in Russia
12 June 2020, 23:56EconomyPhoto: capost.media
Russian President Vladimir Putin signed a decree establishing a commission to combat money laundering.

The full name of the created organization is rather long - the Interdepartmental Commission on the adoption of measures by the Russian Federation based on the results of the fourth round of mutual evaluations of the Financial Action Task Force on Money Laundering (FATF).

The document is published on the official portal of legal information.

The decree on the creation of the commission signed by the president of Russia states that Yury Chikhanchin, director of Rosfinmonitoring, was appointed its chairman.

The approved composition of the interdepartmental anti-money laundering commission included the deputy head of the Ministry of Internal Affairs, Mikhal Vanichkin, the deputy minister of justice, Mikhail Halperin, the first deputy head of the Federal Customs Service, Ruslan Davydov, the deputy head of the Ministry of Telecommunications Oleg Pak and others.

The regulations on the commission and the action plan must be approved within three months.

At the end of last year, the International Group for the Development of Financial Measures against Money Laundering (FATF) summed up the results of a comprehensive assessment of the Russian system of combating money laundering and the financing of terrorism and made recommendations to Russia.

According to FATF experts, in Russia it is necessary to expand the list of assets and the circle of persons covered by the law on control over the conformity of expenses of officials, judges and heads of state-owned companies.

As the FATF found out, Russia is a source of criminal proceeds, most of which are laundered abroad, without acting as a major laundering center. The main sources of criminal proceeds are: corruption, theft from the budget, tax evasion, fraud in the financial sector, as well as drug trafficking. According to the organization’s estimates, 30% of all criminal proceeds, or $ 1 billion, are theft from the budget.

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