A closed meeting of the Collegium of the Federal Financial Monitoring Service entitled "Identification, Prevention and Suppression of ML as a Comprehensive Approach to Improving the Effectiveness of the AML/CFT System," was held on 19 December 2019.
Participants discussed the results and prospects for combating ML.
This year, the Financial Action Task Force (FATF) assessed the effectiveness of the Russian AML/CFT system and its compliance with the FATF standards. As a result of the FATF mission, Russia got high ratings for compliance of its national AML/CFT system with the FATF international standards.
Evaluation results reflect Russia's key role in the global fight against ML/TF.
At the same time, FATF assessors have also identified elements of the AML/CFT system most in need of improvement.
Among the strategic objectives of the Russian AML/CFT system set out in the National AML/CFT Concept, approved by the Russian President in May 2018 are:
• To facilitate the timely mitigation of the identified risks and elimination of threats to the national security without the use of additional resources;
• To improve the transparency of the economy and prevent the misuse of public funds;
• To further strengthen Russia's role in international AML/CFT system.
The implementation of the above strategic goals is proposed to be carried out at the interagency, national and international levels using analytical and coordination tools designed to identify, prevent and suppress ML by:
• Integrating new organizational approaches to conducting financial investigations, including on the international level;
• Utilizing advanced technological solutions designed to improve the quality of ongoing financial investigations;
• Improving methodological support in order to boost the awareness of the ML/TF risks while utilizing the available resources.