Information exchange system to counter the legalization of illegal income

2023: Product Announcement

In Russia, the development of an international information exchange system has begun to counter the legalization of illegal income. The press service of the Cabinet of Ministers announced this on July 18, 2023.

It is assumed that the system will ensure the exchange of information between Russia and the countries of Central and Southeast Asia, the Middle East, Africa and Latin America. At the expense of federal funds, specialists of the International Training and Methodological Center for Financial Monitoring will have to carry out work on the technical design and creation of a prototype IT system by the end of 2023.

The development of an international information exchange system has begun to counter the legalization of illegal income

The information exchange system, which will become one of the tools to counter the legalization of illegally obtained income, is planned to be created on the basis of domestic technologies in 2023-2026. It will include closed communication channels with friendly states of Russia. Rosfinmonitoring will become the coordinator of the system. Prime Minister Mikhail Mishustin signed an order to allocate 8.5 million rubles for the development of this system.

In 2022, the volume of suspicious financial flow emanating from Russia decreased by about a third, Rosfinmonitoring reported. According to him, almost the entire volume of outgoing suspicious flow is made up of transactions related to money laundering.

In general, the imposition of sanctions on the Russian banking sector led to the migration of customers and financial flow to regional banks and banks with foreign participation. Cross-border flows to Western countries are decreasing, while flows to Arab, Central Asian countries and Southeast Asian states have increased by about five times, Rosfinmonitoring added.

In May 2023, a representative of Rosfinmonitoring told Vedomosti that violations of anti-money laundering legislation during the circulation of the digital ruble will be monitored by the Central Bank. At the same time, it was originally planned to assign the function of countering money laundering to banks.

Government of the Russian Federation Order of July 17, 2023 No. 1906-r