Source Pravda.Ru

Russia's deletion from FATF "black list" to raise its credibility

Deleting Russia from the "black list" of the Financial Action Task Force /FATF/ will raise its credibility among investors, Deputy Head of the Central Bank of Russia Victor Melnikov told journalists on Thursday.

According to him, at present 19 countries are on "the black list", including Russia and Ukraine. On June 17-19 the issue of updating the list will be under consideration.

In 1993 the FATF's recommendations to the countries cooperating with the organization were adopted, Melnikov remarked. And by the present moment most of the recommendations have been implemented - introduced into the current legislation and bylaws of the Central Bank.

A special department to fight criminal capital penetrating into the banking system was set up in Russia in 1996. At present this function is performed by the Financial Monitoring Committee /FMC/.

According to Melnikov, banking units have been checked totally on fulfilling the requirements of the law on money laundering since the middle of March. By the present moment half of the Russian organizations have been inspected and the inspection will be accomplished next month, Melnikov said. There were insignificant violations among a small number of banks, mostly among those being liquidated.

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