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Author`s name Michael Simpson

Russia to Control Money Laundering in CIS

CIS to have a FATF of its own
Russia is ready to appropriate up to $1 million for technical assistance in creation of systems for counteraction to money laundering on the CIS territory. AK&M informs that Russian Finance Minister Alexey Kudrin reported the information at the international conference "Cooperation of the CIS countries in counteraction to money laundering and financing of terrorism".

According to the vice-premier, the first stage of Russia's assistance will be about $1 million meant for purchase of equipment and software, Rosbalt news agency reports. Russia expects to win support of the CIS countries in creation of a regional group. Alexey Kudrin says that joint efforts of many countries will help considerably reduce financial flows supporting terrorism.

Russia is ready to help those countries that have little opportunities for fighting terrorism, the vice-premier says. "Russia is ready to consider their requests and render all necessary technical assistance in creation of systems meant for fighting against money laundering," Alexey Kudrin emphasizes.  
 
The RF minister of finance states that today terrorism has seized the whole of the planet, it transforms and integrates with transnational criminal groups. New adequate mechanisms for fighting terrorism, including financial ones, must be created under these conditions.
 
Russia suggests that a regional group similar to FATF must be created in the CIS, First Deputy Finance Minister, Chairman of the RF Financial Monitoring Committee Viktor Zubkov says. He stated that today "illegal business and transnational criminal groups function in several of the CIS regions and in about 40 countries in the West and in the East."
 
According to Viktor Zubkov, illegal migration is now one of the basic activities of international terrorism. He says: "Up to 17 million people from Asia and Africa come to Russia every year. These are rather favorable conditions for various economic machinations that further finance terrorism. As based upon the two-year experience of the RF Financial Monitoring Committee, we understand the importance of international cooperation in counteraction to money laundering and financing of terrorism."
 
Russia's experience in development of legislation and in fighting against money laundering and financing of terrorism, including the international experience, may be successfully applied in the CIS. CIS Executive Secretary Yury Yarov, Director General of the Collective Security Treaty Organization Nikolay Bordyuzha and Secretary General of the Eurasian Economic Community Grigory Rapota support Russia's initiative to create a regional group similar to FATF in the CIS.   
 
Finance Minister Alexey Kudrin reminded that Russia has been a FATF member starting with June 2003 and knows from its experience that cooperation with international structures in counteraction to money laundering is effective. Interfax quotes the vice-premier as saying that within this short period of FATF membership, Russia has managed to create an effective structure to cooperate and exchange information with foreign organizations. 
 
Based upon publications of news agencies