Joint Committee for Criminal Proceeds Legalisation (Laundering) and Terrorism Financing Counteraction Advisory Board On-Site Session Details

27 September 2017, the Joint Committee for Criminal Proceeds Legalisation (Laundering) and Terrorism Financing Counteraction Advisory Board On-Site Session was held at the National Financial Market Council (NFMC) meeting.

The RF Federal Financial Monitoring Service (FSFM), Bank of Russia representatives, including more than 160 representatives of banks and other financial market participants were among the attendees.

The Session focused the matters relating to the pending FATF fourth round of mutual evaluations.

Mr. P.V. Livadny, FSFM Deputy Director and Advisory Board Chairman stressed the importance of this event for the financial institutions and made it a special point that the fourth round of mutual evaluations focused not only the technical conformity, but also providing evidence of the Criminal Proceeds Legalisation (Laundering) and Terrorism Financing Counteraction effectiveness.

The FSFM representatives provided account of the mutual evaluation stages and financial institution participation details, including the importance for such financial institutions to consider the risks not only to countries, but also to their clients.

The results of the FATF fourth round of mutual evaluations held in 38 countries were reported in the course of the Session. The analysis of these results allows concluding that the beneficial ownership transparency and relating analytical procedures should be given a special consideration.

Additionally mentioned at the Session was an important role of the Bank of Russia as a regulator issuing guidelines and orienting financial institutions to all such types of financial products as require no special scrutiny on the part of the financial sector in terms of the national risk assessment.

Federal Financial Monitoring Service

 

 

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