RUDN Journal of Law (Dec 2015)
The further development of regulation of the mandatory financial monitoring in Russia
Abstract
The Russian system of anti money laundering was set up in 2001. Now the financial legislation of financial monitoring is a very dynamic part of Russian financial law. However, the author suggests to deregulate some law provisions covering mandatory monitoring procedures due to their inefficiency. Most of the operations and transactions sent to the Federal Financial Monitoring Service, has nothing to do with money laundering and financing of terrorism, and in most cases can be treated as an information garbage. Criterion operations subject to mandatory monitoring is defined by the legislator in the following way: deposit of funds into individual accounts opened in the authorized bank by the prime contractor for delivery of products under the state defense order, or by the executor who is involved in the supply of products under the state defense order for the execution of the state defense order in accordance with the Federal law dated on 29 of December, 2012 № 275-FZ «On the State Defense Order» from any other accounts, transactions on withdrawal of funds from these separate accounts to any other accounts, transactions on the first placement of funds to these separate accounts with other separate accounts are subject to mandatory control, if the amount of transaction is equal to or exceeds 600 thousand rubles (equivalent in foreign currency). Also the author determines the further steps of development of financial monitoring in Russia and suggests the possible solutions of the current legal issues of financial monitoring.
