ROSFINMONITORING`S STRATEGIC OBJECTIVES FOR 2021-2023

Rosfinmonitoring’s mission: to protect the Russian financial system and economy from threats related to money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.

Objective: to mitigate current risks involving the legalization (laundering) of funds and other criminal assets, terrorist financing, and the financing of the proliferation of weapons of mass destruction.

To achieve this objective, the following issues are to be addressed:

  • To organise constant AML/CFT/CPF identification and risk assessment process;
  • To ensure the development and interagency coordination of measures related to mitigation of identified AML/CFT/CPF risks.

Objective: to ensure that organisations conducting transactions with funds or other assets as well as national system’s experts comply with AML/CFT/CPF legislation.

To achieve this objective, the following issues are to be addressed:

  • To improve the level of law abidance among financial institutions (FI) and designated non-financial businesses and professions (DNFBP);
  • To ensure AML/CFT risk-based supervision;
  • To enhance the quality of information provided to Rosfinmonitoring;
  • To ensure the implementation of measures in cooperation with the Bank of Russia and supervisory authorities to decrease the involvement of FIs in illegal and suspicious financial transactions.

Objective: to improve the level of economic transparency, inter alia, by identifying beneficial owners of economic entities.

To achieve this objective, the following issues are to be addressed:

  • To introduce a flexible and business cost-effective mechanism for requesting information about beneficial owners of legal entities in electronic form;
  • In cooperation with the competent authorities, to reduce the number of fictitious and shell companies as well as the scope of transactions with their involvement;
  • To ensure the transparency of financial transactions conducted by economic entities that are of strategic importance to the national economy, and systemic companies.

Objective: to prevent any misuse of budget funds and to improve the efficiency of their use.

To achieve this objective, the following issues are to be addressed:

  • To identify and mitigate risks involving the misappropriation/misuse of budget funds allocated for the purposes of government defence procurement orders (as part of an interagency monitoring system);
  • To identify and mitigate risks involving the misappropriation/misuse of budget funds (as part of the treasury support of government contracts);
  • To identify and mitigate risks involving the misappropriation/misuse of government funds as part of the federal targeted programmes and large infrastructural projects.

Objective: to reduce terrorist threat and extremist manifestations in society and to promote legality and transparency among non-profit organisations.

To achieve this objective, the following issues are to be addressed:

  • To enhance capacities of the terrorist financing prevention, identification, and suppression system;
  • To improve the activities of the Interagency Committee for Combating Terrorist Financing;
  • To mitigate risks involving the use of cryptocurrencies in the financing of terrorism and extremism;
  • To minimise any abuses of non-profit organisations by terrorists and terrorist organisations;
  • To increase the detectability of UN sanctions targets relating to PF and persons controlled by or acting on behalf of them.

Objective: to further strengthen the Russian Federation’s role in the international AML/CFT system.

To achieve this objective, the following issues are to be addressed:

  • To ensure that Russia is actively involved in the operation of the Financial Action Task Force (FATF), the Egmont Group of Financial Intelligence Units, the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), MONEYVAL, the Commonwealth of Independent States (CIS), and other relevant organisations with a view to implementing initiatives to enhance financial and economic security in the world;
  • To strengthen and expand bilateral cooperation with due regard to the Russian national interests and special aspects of financial and economic relationships between Russia and Russian nationals and near and far-abroad countries;
  • To ensure successful presentation by the Russian Federation of its follow-up report on the effectiveness of AML/CFT system in 2023.

Objective: to raise the level of financial literacy among citizens in terms of combating illegal financial transactions.

To achieve this objective, the following issues are to be addressed:

  • To increase the level of awareness regarding Rosfinmonitoring’s activities by publishing explanations on the website and materials in the mass media.