Follow-up report to the mutual evaluation report of the Russian Federation
In October 2013, the FATF recognised that the Russian Federation had made significant progress in addressing the deficiencies identified in the 2008 mutual evaluation report and could be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on procedures agreed in October 2009.
The Russian Federation was placed in the regular follow-up process as a result of non-compliant (NC) and partially compliant (PC) ratings for certain core and key Recommendations in its mutual evaluation report of June 2008.
The October 2013 follow-up report contains a detailed description and analysis of the actions taken by the Russian Federation in respect of the core and key Recommendations rated PC or NC in the 2008 mutual evaluation report.
Key measures that have been taken are:
- Enhancing corporate transparency by introducing beneficial ownership requirements in the AML/CFT Law.
- Prohibiting the credit institutions from opening and maintaining anonymous accounts, or accounts in fictitious names, and amending the AML/CFT Law to supress for customer due diligence exceptions in case of ML/TF suspicion.
- Addressing certain shortcomings in the criminalisation of terrorist financing and the reporting shortcomings in relation to terrorist financing.
- Amending legislation to prevent criminals from becoming major shareholders in financial institutions and introducing other financial sector 'fit and proper' requirements.
- Strengthening the measures to freeze terrorist assets domestically or on request of other countries.
- Abolishing the threshold which decriminalised self-laundering of amounts lower than RUB 6 million, which was introduced after the mutual evaluation was completed and which was not in compliance with the FATF Recommendations.
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