ASSESSMENT OF THE SCOPE OF CRIMINAL MONEY LAUNDERING IN THE RUSSIAN ECONOMY AND REGULATION METHODS

Abstract

Establishing a national system for the supervision of money laundering and terrorist financing is critical to effectively mitigate the global global problem of money laundering. This system should be formed on the basis of a balance between the requirements of the national regulator and the Financial Action Task Force on Money Laundering (FATF). The FATF expects countries to identify, assess and understand the risks of money laundering and terrorist financing, and then develop and implement a national anti-money laundering (AML) and terrorist financing (CTF) regime, and also suggests that supervisors and regulated inancial institutions should conduct their own assessments of money laundering risks and implement effective controls, banking policies and procedures to reduce the occurrence of this phenomenon in the economy, which is a prerequisite for preventing crime. The article discusses the issues of assessing the scale of money laundering in Russian practice, the development of the shadow economy and the level of banks' involvement in financial fraud, formulated author's recommendations to reduce the spread of this type of crime and their prevention.