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Russian banks learn to expose terrorists by their financial conduct

October 23, 2017, 16:10 UTC+3 MOSCOW

Russia’s Federal Financial Monitoring Service has managed to build a model of terrorists’ financial behavior with Security Service's assistance

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MOSCOW, October 23. /TASS/. Russia’s Federal Financial Monitoring Service (FFMS) has learnt jointly with the Federal Security Service (FSB) and banks to expose terrorists by the model of their financial conduct, which has helped neutralize about 200 terrorists, FFMS Head Yuri Chikhanchin said on Monday.

"We have managed jointly with the FSB and with commercial banks to build a model of terrorists’ financial behavior. This has allowed us to expose about 200 persons and criminal cases have been opened. That is, the banks have learnt themselves to expose [terrorists] by this criterion. This is the basic result," the FFMS chief said at a meeting with Russian President Vladimir Putin.

Russia’s Federal Financial Monitoring Service has found its place in solving the issue of countering terrorism financing, Chikhanchin said.

"The most important result is that we launched in Russia the mechanism of the extrajudicial freeze of the assets of individuals who have relation to terrorism," he noted.

"This year alone, we have frozen about six million rubles [$105,000]," Chikhanchin said, adding that this seemed to be a small sum, on the one hand, but "considering that the terror act in St. Petersburg cost 150,000 rubles [$2,600], then six million rubles are a very big amount."

He cited as an example the terror acts in Paris and other European cities carried out with the help of a knife or an axe, which generally did not require any financing. Amid this background, the sum of six million rubles does not seem to be small, Russia’s financial monitoring chief said.

Russia’s Federal Financial Monitoring Service has managed to build fairly good relations internationally on the issues related to the war on terror, in the first place, with Central Asian countries, Chikhanchin said.

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