A document establishing a body that would oppose laundering profits gained by illegal methods "will be prepared and signed in the near future", said Vladimir Putin, answering questions from participants in a visiting session of the World Economic Forum in Moscow. The body, "most often spoken of as financial intelligence", "will act in close coordination with the Russian Finance Ministry". Asked by a forum participant "whether or not any banking secret will now remain in Russia?", the head of state retorted "was there any in fact?". His words were applauded. The new organ "will just have to monitor observance of banking secrets", continued the president. He also invited not to fear "tools which make business transparent for the state". "We must firmly and clearly formulate rules within the four concerns of which criminal elements, terrorists, corruptionists and so on will not be able to operate and feel themselves at ease in Russia", said Vladimir Putin. This does not at all mean that legal business will be "put in hard conditions". On the contrary, "the new rules, law opposing the laundering of criminally gained profits and the organs of power and management being established in this connection are to shape conditions under which legal business will be at ease and protected". The president backed the cabinet's efforts against the laundering of illegally gained profits.