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Financial Supervisor Launders Black List
It emerged that Russia’s Federal Financial Monitoring Service is ready to release to public at large the black list of the persons and entities involved in terrorism. The implementation of this initiative will increase the pressure that the regulators exert over the banks and may incur material risks for good standing of companies.
The Federal Financial Monitoring Service keeps the list of the persons and/or entities suspected in terrorism under the Act on Opposing Laundering of Revenues Generated by Criminal Actions and Funding Terrorism. The list consists of two parts and sets forth a few thousand names of individuals and companies.
The black list of the supervisor is primarily used for the checking purpose. When conducting any operations that require identification, a bank officer is first to see whether the name of the client is absent in the list. Should a name, date of birth and the passport number coincide, a bank officer would refuse to service the client under any pretext and report to the Federal Financial Monitoring Service within a day.
The official aim of the list’s promulgation is to help market players follow the laws and to bring momentum to the fight against money laundering. “As the file with the updated list is first delivered to the CBR headquarters and then to the terrorism department of the CBR and then to the banks, the renewal takes two or three days,” said Alexander Baskakov, deputy chairman of Sobinbank board. The centralized renewal via the web will take no more than an hour, according to Baskakov.
In the banks, they speculate that by promulgating the black lists, the supervisor counts on attracting the public at large towards the fight against money laundering. At the same time, the lists released via the web could be used for unfair competition.
www.kommersant.com
All the Article in Russian as of July 02, 2008
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