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Institutional strategy formation models for monitoring and forecasting the risk of involvement of the bank in money laundering

Institutional strategy formation models for monitoring and forecasting the risk of involvement of the bank in money laundering

Journal of Economic Regulation, , Vol. 5 (no. 3),
p. 107-115

The need to develop institutional model of counteraction to incomes legalization received in a criminal way is described in conditions of mobility increase of cross-border financial flows. In this regard, the institutional model of the subject-object relations, aimed at identifying and monitoring risks involving credit institutions in illegal scheme for money laundering, as part of the Bank, and on the part of state bodies is presented.
The institutional model in the Russian Federation in the light of the implementation of the new FATF standards in order to ensure transparency of financial flows through the creation of a system of antimoney laundering is analyzed.


Keywords: institutional model; transparency of financial flows; money laundering; combating the legalization; the FATF recommendations

References:
  • Gamza V. A. and Tkachuk I. N. (2002). The Bank as a subject of combating legalization (laundering) of criminal proceeds. Banking, no. 5, pp. 25-31. (In Russian).
  • Official web-site of Rosfinmonitoring. (http://www.fedsfm.ru). (In Russian).
  • The Letter of the Bank of Russia Dated 13.07.2005 № 99-T «On Methodological Recommendations on the Development of Credit Organizations of the Rules of Internal Control for the Purposes to Counteract the Legalization (Laundering) of Criminal Proceeds and Financing of Terrorism». Reference system "Consultant Plus". (In Russian).
  • The Decree of the President of the Russian Federation of 13.06.2012 № 808. "Issues of the Federal Service for Financial Monitoring". The Reference System "Consultant Plus". (In Russian).
  • Federal Law № 115-FZ of 07.08.2001 "On Counteracting Legalization (Laundering) of Criminal Proceeds and Financing of Terrorism". Reference System "Consultant Plus". (In Russian).
Publisher: Ltd. "Humanitarian perspectives"
Founder: Southern Federal University
ISSN: 2078-5429