The Central Bank of the Russian Federation (the Bank of Russia) has published on its website a draft order ‘On amending Addendum 8 of the Provisions of the Bank of Russia dated 29 August 2008, No. 321-П’,  ‘On the disclosure procedure for credit organisations’ in line with the Federal law ‘On countering the legalisation (laundering) of income acquired by unlawful means, and financing of terrorism’.

If the amendments come into force, the bank community will be forced, under threat of sanctions, to inform the Federal Financial Monitoring Service (Rosfinmonitoring) about all NGO incoming transactions of monies and (or) other commodities from ‘foreign countries, foreign organisations, foreign individuals and persons of no citizenship’. It is intended to tie these operations with those potentially connected with legalisation (laundering) of income acquired by unlawful means, and financing of terrorism. It is intended to assign a special code to these operations – 9001.

Expert opinions on this initiative can be forwarded to the Bank’s Department of Financial Monitoring and Currency Control to the following email addresses: ssv@cbr.ru; jep@cbr.ru.

http://www.asi.org.ru/ASI3/rws_asi.nsf/va_WebPages/615F6767CA90C1FE44257A7F0046CC74R