MOSCOW. (RIA Novosti economic commentator...
shops.The law stipulates that transactions involving upwards of 600,000 rubles ($21,413, or 17,549 euros) are to be controlled.
The Federal Service of Financial Monitoring (FSFM), which was charged with combating money laundering, collects, processes and analyses information about financial transactions. If it finds reasons to suspect money laundering, it forwards relevant information to law enforcement agencies.
This is nothing less than a system of financial intelligence similar to the one used in the U.S. As a result, Russia was removed from the FATF black list in 2002 and became a full member of the organization in 2003. In 2005, the FSFM filed 800 money-laundering suits and forwarded cases worth $20 billion to law enforcement agencies.
FSFM head Viktor Zubkov said that the world recognized Russia’s anti-money laundering efforts.
FATF President Professor Kader Asmal praised Russia’s initiative of creating a Eurasian Group
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