A meeting of the Interagency Committee for Combating Money Laundering and the Financing of Terrorism and Proliferation (IAC), chaired by Director of Rosfinmonitoring Yury Chikhanchin, was held on 23 December 2019.
Participants discussed the final draft of the Mutual Evaluation Report of the Russian Federation, published by the Financial Action Task Force (FATF).
The IAC highlighted the high and substantial level of effectiveness achieved by the Russian AML/CFT system for Immediate Outcomes 1, 2, 5, 6, 8 and 9, while emphasizing the need to take additional comprehensive measures on Immediate Outcomes 3, 4, 7, 10 and 11, where the rating for effectiveness was moderate. The country also needs to take further steps to improve its legal framework and law enforcement practice, particularly with regard to technical compliance with Recommendations rated partially compliant (6, 7, 12, 16 and 25) with basic recommendations (3, 5, 10, 11 and 20).
One of the main discussion points at the meeting was the reorganization of the IAC tasked with preparing the Russian Federation for the FATF 4th round of mutual evaluations into an IAC tasked with adopting measures in response to the ME outcomes.
In addition, IAC participants representing various agencies were presented with a draft Plan for the implementation of the FATF Recommendations following the ME outcomes, as well as for further improvements to the country's AML/CFT system, which calls for various regulatory, operational and supervisory activities, and AML/CFT efforts.