Financial Monitoring Committee send FATF action plan to remove Russia from black list MOSCOW. Sept 3 (Interfax)- In late August, the Russian Financial Monitoring Committee forwarded a plan of action for removing Russia from the black list of countries that do not cooperate in the struggle against money laundering to the Financial Action Task Force (FATF), Viktor Zubkov, first deputy finance minister and the committee's chairman, told Interfax on Monday. FATF is an anti money-laundering group within the Organization for Economic Cooperation and Development (OECD).
He stressed that over the past year, Russia has done a lot to set up a system to counter money laundering. Zubkov said that this is the reason for asking FATF to explore the possibility to remove Russia from its black list. In his letter sent in July, FATF President Jochen Sanio provided an assessment of Russia's progress and asked that the country submit a plan of actions to exclude Russia from the black list.
Russia was put on the FATF's black list in June 2002 due to the lack of anti money laundering legislation. Since then, Russia has joined the international convention, adopted its own anti money laundering legislation, established a relevant body, the Financial Monitoring Committee, established a system to counter money laundering and was admitted to the Egmont group, the international group of financial intelligence units. <>
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