Guidelines for the Development of the Russian Financial Market slide image

Guidelines for the Development of the Russian Financial Market

Bank of Russia FINANCIAL SECTOR OVERVIEW The Central Bank of the Russian Federation 49 49 AML/CFT Bank of Russia maintains AML/CFT supervision of credit and non-credit financial institutions Russian AML/CFT law is based on International Standards on Combating Money Laundering (FATF Recommendations) 2008 The FATF placed Russian Federation in the regular follow-up process 2013 The FATF recognized that Russia could be removed from the regular follow-up process Key measures taken in 2008-2013: 2018-2019 4th round of mutual evaluation, joint FATF/MONEYVAL/EAG evaluation of Russia ✓ Enhancing corporate transparency by introducing beneficial ownership requirements to the AML/CFT Law; ✓ Prohibiting credit institutions from opening and maintaining anonymous accounts or accounts in fictitious names; ✓ Addressing certain shortcomings in the criminalization of terrorist financing; ✓ Amending legislation to prevent criminals from becoming major shareholders in financial institutions; ✓ Strengthening instruments to freeze terrorist assets domestically or on request of other countries; ✓ Abolishing the threshold which decriminalized self-laundering of amounts lower than RUB 6 million and which was not in compliance with the FATF Recommendations. Source: Financial Action Task Force
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