He said that a delegation of FATF experts will arrive in the country this fall to consider excluding Russia from this list. He stressed that by now the Committee of the Russian Federation on Financial Monitoring (CFM), among other things, had built an effective system to fight money laundering. "All the mechanisms are already efficiently operating, all the channels have been activated for obtaining information from every credit/financial institution, the quality of this information is improving," he said, noting that cooperation by the CFM with financial intelligence services of other countries had already produced some concrete results. In particular, legal proceedings on financial crimes had been started in a number of states based on information received from the committee.

The Deputy Prime Minister spoke also in favor of expanding the CFM's powers to cut off channels of financing for international terrorism. Noting that at present this does not come within the terms of reference of the committee, he pointed out that financial intelligence could be effectively used in this process, more specifically in questions of the transfer of information to other law enforcement structures.

Alexei Kudrin also noted that the Ministry of Finance is ready to take bolder steps to liberalize currency regulation against the background of a slowdown of capital outflow from the country. He recalled that at present Ministry of Finance jointly with the Ministry of Economic Development and Trade and the Central Bank is continuing work on a new wording of the Currency Regulation and Exchange Control Law.


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