On Monday, Dec. 27, it was announced that the Russian Finance Ministry and its Financial Monitoring Service will take part in the activities of the FATF (Financial Action Task Force on Money Laundering) on behalf of the Russian Federation, RIA Novosti reported. The relevant decree was signed by Russia’s prime minister Mikhail Fradkov on Dec. 23. According to the document, the Federal Service for Financial Monitoring is to participate in the work of the FATF together with the Russian Foreign Ministry and Finance Ministry. The Finance Ministry has been instructed to pay for Russia’s contribution to the FATF by redistributing savings in the 2004 budget. When drawing up the draft budget every year, the Finance Ministry must also ensure that funds are allocated to pay for the contribution. Full Story
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