27 July 2023

Panel Discussion on International Cooperation in the Field of Financial Security Held in St. Petersburg

The Russia–Africa Economic and Humanitarian Forum in St. Petersburg hosted a panel discussion on international cooperation in the field of financial security.

Director of Rosfinmonitoring Mr. Yury Chikhanchin took part in the event. The State Secretary – Deputy Director of Rosfinmonitoring Mr. German Neglyad acted as a speaker. The Bank of Russia was represented by the Director of the Financial Monitoring and Currency Control Department Mr. Ilya Yasinsky. In addition, Mr. Oleg Ivanov, First Deputy General Director of the International Training and Methodology Center for Financial Monitoring, joined the discussion.

Among the participants were also His Excellency Judge Ahmed Saeed Khalil, Chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit, Mr. Mohamed Rafiq, General Manager of the Egyptian Financial Intelligence Unit, Mr, Muluken Dubale, representative of the Secretariat of the Eastern and Southern Africa Anti-Money Laundering Group, and Mr. Sergey Teterukov, Executive Secretary of the Eurasian Group on Combating Money Laundering and Financing of Terrorism.

Mr. Nikolai Zhuravlev, Deputy Chairman of the Federation Council, served as a discussion moderator.

The issue of using new information and financial technologies for criminal purposes, both in Russia and Africa, including telephone and internet fraud, as well as financial pyramids in cyberspace, was one of the key aspects. Cryptocurrency is becoming an increasingly popular tool for money laundering. Transnational nature of criminal activity is also noted.  

Attendees shared their experience in international cooperation to combat crime and mitigate current risks and threats. Foreign representatives outlined their national anti-money laundering systems, clarified how cooperation with the private sector is organized, and presented advanced projects in this area.

In his speech, Mr. German Neglyad, State Secretary and Deputy Director of Rosfinmonitoring, highlighted criminal cases involving Russian citizens and legal entities. Frequently, frauds against Russian Federation residents originate from Ukraine and the Baltic States.

When discussing efforts to counter cryptocurrency-related crimes, Mr. German Neglyad pointed out the effectiveness of Transparent Blockchain software developed in Russia, which allows for the monitoring and analysis of cryptocurrency transactions. This analysis has already been employed in numerous criminal cases that have gone to trial.

In the context of combating transnational crime, Deputy Director expressed his confidence in the necessity of enhancing international cooperation. The Federal Financial Monitoring Service is currently cooperating with nine African countries, which provides “an excellent opportunity to set a good example of professional cooperation where political agendas do not take precedence over security interests, including financial security,” said Mr. Neglyad.

For his part, Mr. Nikolai Zhuravlev spoke about the enhancement of Russian regulations aimed at combating money laundering and social engineering crimes. “We are now actively developing a draft law to combat financial pyramids and mala fide financial market players who operate without oversight from the mega-regulator. These entities raise funds from individuals who lack the qualifications to be investors and pose a significant risk to the population,” remarked the Senator.

Additionally, the session addressed the issue of improving knowledge of financial security: Mr. Oleg Ivanov, ITMCFM representative, provided information about the International Financial Security Olympiad, and the work of the International Network AML/CFT Institute.

All participants in the discussion reached a consensus that no country can guarantee security without international cooperation. Specialized agencies and organizations should continue to collaborate in this area.

Image: RIA Novosti

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