MOSCOW, October 18. /TASS/. Russia has taken fifth place according to the performance of its national anti-money laundering system and has led to the placement of Russia on the regular monitoring procedure, the Federal Financial Monitoring Service (Rosfinmonitoring) says on Friday in its press release after the meeting of the Financial Action Task Force (FATF).
"Certain controversial provisions were given consideration during the discussion, which generally did not affect the outcome of the assessment. In total, the Russian Federation was rated fifth globally as far as how its national anti-money laundering system performs. Russia was placed on the regular monitoring procedure, which represents a standard monitoring mechanism and provides for submission of regular reports," the watchdog says.
Rosfinmonitoring is the key functional component of Russia’s system to combat money laundering and the financing of terrorism (AML/CFT) and Russian authorities have a deep understanding of the risks existing in the country. In particular, a reliable legislative base is in place to combat terrorism financing in Russia, the FATF notes in its report.
The FATF will release the full text of the assessment report on the Russian Federation once the standard procedures of the document assessment in respect to quality and compliance are completed. The next performance report of the Russian AML/CFT system will be presented in February 2023.