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Author`s name Michael Simpson

Russia Joins FATF

Voting on the issue and discussion of prospective admission of Russia into the organization lasted for 3.5 hours
Russia became a rightful member of the Financial Action Task Force on Money Laundering (FATF) on June 19.

Voting on the issue and discussion of prospective admission of Russia into the organization lasted for 3.5 hours. According to the RIA Novosti news agency, Russia got ready for entry into the FATF thoroughly; a report delivered by the Russian side consisted of over 300 paragraphs.

According to Russia's Deputy Minister of Finance Viktor Zubkov, who also took part in the FAFT session in Berlin, the decision to admit Russia into the FAFT was taken unanimously. Viktor Zubkov says that the role of G8 in the FATF is gaining force. In his words, Russia will have to work seriously and improve the legislation for successful activity in the organization.
 
The admission of Russia into FATF demonstrates Russia's increasing authority among the world's industrially developed countries. This also proves that the Russian bank sector has won more confidence in the world. FATF membership will have a positive effect on the economy and bank structures of the country. The head of Russia's financial intelligence says that being a rightful member of the FATF, Russia will join the world's leading countries in development of standards aimed at struggle with money laundering.

Lenta.ru

 

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