FATF assessors have started their work in Moscow


Published At Mar 11, 2019

The three-week on-site visit of FATF assessors began on March 11, 2019. The assessment team is led by the representative of the FATF Secretariat Thomas Nilan.

The official presentation of the assessment team took place at Rosfinmonitoring during the meeting of the Interagency Commission on preparation of the Russian Federation for the fourth round of the FATF mutual evaluations.

According to Director of Rosfinmonitoring Yury Chikhanchin, assessors will evaluate not only compliance of the Russia’s AML/CFT system with international standards but also its effectiveness.

In his overview of the assessment process, T. Nilan explained the details of interaction with Russian government agencies and representatives of the private sector.

"We have a highly diverse team, which, hopefully, will enable us to understand all aspects, including practical side of the Russia’s AML/CFT system," said T. Nilan. "We've held in-depth discussions on technical compliance [compliance of the country's legislation with the FATF standards], and now our goal is to understand how it works in practice."

Assessment results of the Russia’s AML/CFT system will be summarized during the FATF Plenary meeting in Paris in October.

The on-site visit will last until March 29. Besides Moscow, assessors are expected to visit the Northwestern and Volga Federal Districts of Russia.

Information note

In 2018, the Russian Federation entered the active phase of the FATF mutual evaluation process, which will last until October 2019. In previous years an effective institutional framework for cooperation among AML/CFT stakeholders from government agencies and private sector had been created in Russia. As part of the systemic efforts to improve effectiveness of the country's AML/CFT system with respect to 11 Immediate Outcomes, Rosfinmonitoring has been working closely with other agencies. To this end, in line with the FATF Methodology, the Russian National Security Programme was amended in 2017 to include such tasks as improving technical compliance with the FATF standards and effectiveness of the national AML/CFT efforts in terms of each Immediate Outcome.

Reference information on the Immediate Outcomes (IOs) of the FATF assessment methodology

IO 1: Money laundering and terrorist financing risks are understood and, where appropriate, actions coordinated domestically to combat money laundering and the financing of terrorism and proliferation.

IO 2: International cooperation delivers appropriate information, financial
intelligence, and evidence, and facilitates action against criminals and their assets.

IO 3: Supervisors appropriately supervise, monitor and regulate financial institutions and DNFBPs for compliance with AML/CFT requirements commensurate with their risks.

IO 4: Financial institutions and DNFBPs adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions.

IO 5: Legal persons and arrangements are prevented from misuse for money laundering or terrorist financing, and information on their beneficial ownership is available to competent authorities without impediments.

IO 6: Financial intelligence and all other relevant information are appropriately used by competent authorities for money laundering and terrorist financing investigations.

IO 7: Money laundering offences and activities are investigated and offenders are prosecuted and subject to effective, proportionate and dissuasive sanctions.

IO 8: Proceeds and instrumentalities of crime are confiscated.

IO 9: Terrorist financing offences and activities are investigated and persons who finance terrorism are prosecuted and subject to effective, proportionate and dissuasive sanctions.

IO 10: Terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the NPO sector.

IO 11: Persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant UNSCR resolutions.