Russian Duma to Consider Ratification of Anti-Money Laundering Treaty for Customs Union

Russian Duma to Consider Ratification of Anti-Money Laundering Treaty for Customs Union

Russian Duma’s Committee on CIS matters has recommended Duma to consider the bill ratifying the Agreement for prevention of money laundering through transferring money across the Customs Union border.

The Customs Union between Russia, Belarus and Kazakhstan was created in December 2009. The Union provides single customs territory and unified regulation measures for trade in goods with third countries.

The Agreement was prepared in accordance with recommendations of Financial Action Task Force (FATF) experts and signed in Moscow in December 2011. The bill ratifying the Agreement was submitted to the State Duma by Russian president in the end of July this year.

Current Russian legislation provides that customs authority cannot suspend cash and monetary financial instruments transfer in case of suspicion that those cash or instruments can be connected with money laundering or terrorism financing. The Agreement for prevention of money laundering through transferring money across the Customs Union border grants to the customs authority the right to suspend such transfer when the relevant information received from law-enforcement agencies or financial monitoring authority.

The Agreements’ text is available on the official web-site of the Russian State Duma.

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