Wednesday, 29 November 2017

Russian Federation - Member of both MONEYVAL and FATF

Russian Federation - MONEYVAL - Jurisdictions:
https://www.coe.int/en/web/moneyval/jurisdictions/russian_federation  
"While cash smuggling across the borders (for placement outside the Russian Federation) is known to occur, more typically, money laundering is through the financial system – particularly via the large number of banks. Frequently money laundering involves the movement of illicit proceeds through “butterfly” companies (which exist only for short periods). Their bank accounts are used to transfer money for non-existent financial transactions to offshore centres. The laundered money is then returned for integration in the Russian Federation by investment in legal commercial business, the purchase of real estate, and the purchase of shares of enterprises, particularly in the privatisation process."
https://rm.coe.int/european-committee-on-crime-problems-cdpc-select-committee-of-experts-/168071640b 
The main economic or financial crimes which generate large amounts of illegal proceeds are: fraud, illegal entrepreneurship, misappropriation of funds, theft, malfeasance (including bribery), smuggling, counterfeiting, tax evasion and embezzlement of state funds. The economic loss from such economic crimes was thought to be 51.2 billion RUB in 2001 and 33.9 billion RUB in 2002.
https://rm.coe.int/european-committee-crime-problems-cdpc-select-committee-of-experts-on-/168071614c

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