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$6.4 bln prevented from entering shadow turnover in 2024 — financial intelligence

The regulator also completed 4,500 preventive activities last year

MOSCOW, July 8. /TASS/. The Russian Federal Financial Monitoring Service (Rosfinmonitoring) prevented 500 bln rubles ($6.4 bln) from becoming part of the shadow economy by informing banks about new schemes for carrying out illegal financial transactions.

"A total of 500 billion rubles was blocked from entering the shadow economy thanks to the swift orientation of credit institutions to emerging illegal financial schemes and preventive measures undertaken by banks," the regulator said in its annual report.

Financial intelligence also completed 4,500 preventive activities last year. This provided for "consistently high levels of compliance by controlled institutions (86.2%), expansion of the perimeter of entities informing about suspicious transactions by 18%, and reduction of the share of significant violations," the report indicates.