FATF, Eurasian Group and Moneyval Evaluate Russian AML-CFT Progress

"On June 20, 2008, the Financial Action Task Force (FATF), the Eurasian Group (EAG) and Moneyval issued their joint evaluation of the anti-money laundering and counter-terrorist financing measures of the Russian Federation for compliance with the FATF standards. The report was mixed: on some parts the Russian Federation has made significant progress, but on others it remains not in compliance. Russian money laundering schemes often involve the misuse of foreign legal entities and financial institutions. Laundered money is often invested in real estate or security instruments, or used to buy luxury consumer goods. Russian authorities report the use of terrorist financing schemes involving the misuse of alternative remittance networks by foreign and North Caucasian terrorist groups...[more]"