Source Pravda.Ru

FATF to make decision on Russia's membership

A regular session of FATF, which is an international group for fighting illegal financial operations, is opening in Berlin today. A decision on Russia's admission to that organization as a full member will be made at the session. At present, Russia has a status of an observer, giving it only a deliberative vote during the decision-making process.

A report by a group of experts who visited Russia in April 2003 and analyzed methods that the Russian government is using for fighting money laundering will be reviewed at the session. Russia's full membership in FATF will facilitate the enhancement of the country's positive image on foreign markets.

FATF was founded in 1989 to coordinate international cooperation in fighting illegal currency operations and to prevent legalization of criminal capitals. Following the terrorist acts in the USA on September 11, 2001, prevention of financing of international terrorism has become another goal of FATF's work.