Reading the report of the Financial Intelligence Unit, published by Europol on its website https://www.europol.europa.eu, you involuntarily smile: what is the wide chasm between the Russian approach to assessing measures against money laundering and EU countries approach.
So, the report of the FIU highlights trends and events, gives recommendations how to improve the fight against money laundering, meanwhile the report concludes that the level of measures is extremely low. Out of 1 million suspicious transaction notifications, only 10% are investigated and this figure has not changed for 10 years and only 1% results in the confiscation of criminal proceeds. The largest number of notifications were received by FIU of two (out of 28) EU countries: United Kingdom and the Netherlands, they account for 67% of all notifications; most of the suspicious transactions were made by non-residents - Russia, China, Turkey, Ukraine.
Executive Director of Europol, Rob Wainwright, is highly distressed by the fact that a lot of time and resources are spent on sending and processing reports, growing globalization, the market of crypto-currency and anonymization means all this makes the fight ineffective. And this is evidenced by the figures mentioned above.
Europol calls for a review of the principles of the departments work, to ensure a common accounting standard, to enhance cooperation and information exchange among the EU countries, and to make Europol a European-wide data collection center for FIU.
In Russia, everything comes to seem not so sad, as in the EU countries. Thus, Pavel Livadnyi, Deputy Director of Rosfinmonitoring, aptly noted that the legislative "anti-laundering" system in Russia met all international standards. And it is better than in the US! Apparently, such confidence arose after we got up on one position in the rating of the Basel Instituteon Governance and took 58th place out of 149 countries. Our closest neighbors are Ghana, the Philippines, Senegal, and Brazil.
Let's ask more questions ...
So, the report of the FIU highlights trends and events, gives recommendations how to improve the fight against money laundering, meanwhile the report concludes that the level of measures is extremely low. Out of 1 million suspicious transaction notifications, only 10% are investigated and this figure has not changed for 10 years and only 1% results in the confiscation of criminal proceeds. The largest number of notifications were received by FIU of two (out of 28) EU countries: United Kingdom and the Netherlands, they account for 67% of all notifications; most of the suspicious transactions were made by non-residents - Russia, China, Turkey, Ukraine.
Executive Director of Europol, Rob Wainwright, is highly distressed by the fact that a lot of time and resources are spent on sending and processing reports, growing globalization, the market of crypto-currency and anonymization means all this makes the fight ineffective. And this is evidenced by the figures mentioned above.
Europol calls for a review of the principles of the departments work, to ensure a common accounting standard, to enhance cooperation and information exchange among the EU countries, and to make Europol a European-wide data collection center for FIU.
In Russia, everything comes to seem not so sad, as in the EU countries. Thus, Pavel Livadnyi, Deputy Director of Rosfinmonitoring, aptly noted that the legislative "anti-laundering" system in Russia met all international standards. And it is better than in the US! Apparently, such confidence arose after we got up on one position in the rating of the Basel Instituteon Governance and took 58th place out of 149 countries. Our closest neighbors are Ghana, the Philippines, Senegal, and Brazil.
Let's ask more questions ...
