Russia: Cashing through notaries has grown 2.5 times

33

The volume of laundering and withdrawal of funds in Russia has decreased significantly, but criminals are inventing new schemes for the “shadow economy”, said the head of Rosfinmonitoring Yuri Chikhanchin in the Federation Council. Cashing through notaries has grown 2.5 times.

The main “problem” zones are the credit and financial and budgetary sectors of the economy. The main risks are corruption, drug trafficking, the financing of terrorism, Chikhanchin listed. 

Most often, for the legalization of income and withdrawal of funds are used: 

• nominal legal entities (one-day firms), 

• cash, 

• withdrawal of money abroad through the mechanism of fictitious foreign economic activity and structure without the formation of a legal entity in foreign jurisdictions (including offshore), • electronic means of payment and virtual assets