The Russian Federation will exercise control over all cash payments exceeding 600 000 roubles.
In April the Ministry of Finance of the Russian Federation amended Federal Law #115 FZ on combating money laundering, in line with which the Federal Financial Monitoring Service is to exercise control over all transactions exceeding 600 000 roubles (US dollar equivalent 20 000), including drawing out. The text of the document was approved by all the agencies concerned. According to the Head of Rosfinmonitoring, Mr. Zubkov, it will enable the more intensive control over the shady business.
“Within the period from January till May 2007 the Federal Financial Monitoring Service has received more than 2 mln. reports on transactions subject to mandatory control, two thirds of which were suspect”, said today Mr. Zubkov.
He pointed out that the quality of data received has changed for the better for the last time. Thus, the percentage of sorted out reports in the first quarter 2007 was equal to 0,6%, in 2006 – more than 1,5% and in 2005 – 5%. However, some banks don’t meet the deadline for providing data about such transactions. In accordance with Mr. Zubkov they delay the reports for some weeks, months or sometimes for half a year.
“This fact can become an object of investigation and many banks can be involved in the process”, highlighted Mr. Zubkov. “Banks exceed the time limits, the departments concerned don’t work well; all in all they have to start to work well and their management should pay more attention to the activities of the departments”.
|