The results of the measures to integrate Russia into an international system fighting the financing of terrorism will be taken into account by the Financial Action Task Force (FATF) when deciding whether to exclude Russia from a list of countries that do not cooperate in the drive against the laundering of criminal profits (FATF’s black list). They will also be taken into account when deciding whether or not to put Russia onto a new black list of countries failing to take steps to suppress the financing of terrorism.
Russia, as well as ratifying the international convention, is also undertaking other steps to counter the financing of terrorism, Russia’s Committee for Financial Monitoring noted in a report. A draft of a federal law was submitted to the State Duma “On Amendments and Additions to the Federal Law ‘On Countering the Legalisation (Laundering) of Criminally Obtained Proceeds”. The draft specifically aims to eliminate gaps in the federal law to make it more effective and bring it in line with international standards. In addition, the draft stipulates additional regulations providing for the use of appropriate legal mechanisms to suppress the financing of terrorism. It also proposes that mandatory control be established over transactions with money or other property even if only one of the parties involved in the transaction is a person known to be involved in terrorist activity.
The draft also stipulates a procedure for suspending cash or other property transactions if there is any suspicion of such transactions being connected with the financing of terrorism.