Russian Federation: Financial Sector Assessment Program: Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2016/305, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the Russian Federation in the areas of anti–money laundering and combating the financing of terrorism. Some authorities have gained a better understanding of money laundering and terrorism financing risks. Swift finalization of the national risk assessment will further advance that understanding and the use of a risk-based approach by all concerned agencies and reporting entities. Preventive measures related to politically exposed persons and reporting of suspicious transactions were updated and are largely in line with the Financial Action Task Force standards. However, the definition of politically exposed persons must be further amended, and the effectiveness of the measures should be enhanced.

Keywords: ISCR; CR; state; CFT; customer; TF risk; proceeds; RF authorities; CIS state; state body; understanding of ML threat; authorities' understanding; responses to question; Anti-money laundering and combating the financing of terrorism (AML/CFT); Correspondent banking; Legal support in revenue administration; Corruption; Terrorism financing (search for similar items in EconPapers)
Pages: 24
Date: 2016-09-22
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