On Participation in MONEYVAL Plenary

Published: 03.10.2017

The interagency government delegation – led by Rosfinmonitoring and comprising representatives of the Russian Foreign Ministry, Finance Ministry, Federal Security Service and the Bank of Russia – took part in the meeting of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (MONEYVAL), held in Strasbourg on September 26-28.

As part of preparations for the 2018-19 joint FATF/MONEYVAL/EAG evaluation of the Russian AML/CFT system, a Rosfinmonitoring expert presented a detailed report on our approaches to the application of AML/CFT preventive measures with a view to demonstrating the system's effectiveness. In addition, at the request of the MONEYVAL Secretariat, Rosfinmonitoring prepared a presentation on the winner of the Egmont summer best financial investigation contest.

The Russian delegation briefed the meeting participants on Russia's ratification of the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism. Russia's accession to this convention will improve the opportunities for international cooperation in the relevant sector.

Participants were informed about the Russian anti-terrorist financing initiatives focused on consolidated efforts to cut off funding for ISIL, Al-Qaeda and their affiliates. The importance of the timely submission to the FATF Secretariat of the updated information on the sources and channels of the Islamic State's funding was emphasized.

Attention was drawn to our report on the UN-sponsored initiative to impose a trade and economic embargo on territories under ISIL's control.

The discussion of the report on the new-round mutual evaluation of Andorra focused on the country's assessment of its own ML/TF risks, as well as on measures taken to mitigate them. Despite the country's positive rating under this criterion, the existing gaps in the National Risk Assessment related to terrorist financing were criticized. Among the measures needed to eliminate the identified shortcomings, Andorra was recommended to improve the monitoring of e-money flows to higher risk jurisdictions. Following the consideration and approval of the country's report, Andorra was placed under enhanced follow-up process.

Participants were also briefed on progress in improving the national AML/CFT systems of Bulgaria, Lithuania, Poland, Slovenia and Montenegro. Of these, only Lithuania successfully defended its report, with the rest being instructed to continue work on addressing the remaining deficiencies.

A representative of the European Commission announced the outcomes of the EU supranational ML/TF risk assessment, which ended in June. The EC had identified the 40 most vulnerable for the EU internal market financial products and services, as well as the measures to mitigate the defined risks at the pan-European and national levels.

On the side-lines of the meeting, bilateral negotiations on joint financial investigations were held with the representatives of the FIUs of Hungary, Gibraltar, Cyprus, Malta, the Isle of Man, Poland, Slovenia and the Czech Republic.

The next Plenary meeting is scheduled to be held in Strasbourg in December 2017.