Yury Chikhanchin, Director of the Federal Financial Monitoring Service, attended a meeting of United Russia's parliamentary group chaired by A. Shkhagoshev.
Wrapping up A. Shkhagoshev said that, although it was the first time the Rosfinmonitoring Director attended a meeting of the parliamentary group, representatives of the FIU regularly contribute to the work of the State Duma's Financial Markets Committee.
“We talked about financial controls and the global challenges to our country emanating from terrorist financing, an area I'm particularly interested in. However, there's no need to overemphasize the terrorist financing threat now, as, according to today's report, dozens of TF investigations have already been launched, with the overall work in this area is very active. That said, it's clear that there's still much left for us to do: ISIL sets itself ambitious goals, and, given the robust state of their financial health, they will continue to provide funding for their cells around the world, including in our country," noted A. Shkhagoshev.
Yury Chikhanchin briefed the MPs on the work carried out by Rosfinmonitoring, as well as its current and future objectives, thanking them for their long-standing support of legislative initiatives, without which it would have been impossible to ensure the effectiveness of the country's AML/CFT system and its compliance with international standards.
The Head of the Russian FIU highlighted the Federal Financial Monitoring Service's role in coordinating the country's efforts to combat money laundering and financing of terrorism and proliferation. In accordance with international standards, Rosfinmonitoring, along with law enforcement and supervisory authorities, forms the backbone of the country's AML/CFT system, whose contributors include financial institutions, lawyers, notaries, accountants and auditors responsible for identifying suspicious financial transactions and reporting them to us. Within the system, its participants work closely with prosecution authorities and the judiciary.
"By working hand in hand with other agencies, we are able to achieve our goals: de-criminalization of the economy, improving its transparency and preventing the embezzlement of public funds. At the moment, we're preparing for an FATF evaluation of our country, whose active phase has already begun. To this end, the FATF has sent us evaluation materials, with a visit by its assessment team scheduled for early 2019 and the MER presentation for October 2019. For us, however, this is only an additional incentive that requires a complete mobilization of our efforts. We must do everything possible to prevent any bias and avoid underwhelming outcomes, especially since, in all fairness, our AML/CFT system is effective, efficient and meets international requirements, which has been repeatedly proven by us to various international organizations".
According to the Rosfinmonitoring Director, such meetings with the members of parliament help the agency better understand the issues of immediate concern for the public and adjust its operations accordingly. "It's is important for us to build working relations with the MPs, which will enable us to move together in the run-up to our country's assessment by the international AML/CFT/PF standard-setter," added Mr. Chikhanchin.
Yu. Oleinikov, Deputy Chair of the State Duma's Financial Markets Committee, said that such meetings allowed MPs to access the most timely and up-to-date information, as well as understand the modus operandi and key trends in Rosfinmonitoring's activities. "Today, we've heard that Rosfinmonitoring utilizes matrix planning and has developed a large number of algorithms that use digital technology to throw a spanner in the works of those who are only hatching their money-laundering plans."