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Amendments to legislative acts on combating money laundering and financing of terrorism

July 28, 2010

Dmitry Medvedev signed Federal Law On Amendments to Certain Legislative Acts of the Russian Federation on Combating Legalisation (Laundering) of the Proceeds of Crime, and Financing Terrorism

The Federal Law aims to bring Russia’s laws on combating money laundering and financing of terrorism into line with the Financial Action Task Force (FATF) recommendations on money laundering.

The law adds to the list of crimes, the financing of which would be qualified as financing of terrorism, the crime of Illegal Handling of Nuclear Materials or Radioactive Substances, and the crime of Theft or Extortion with Intent to Procure Nuclear Materials and Radioactive Substances.

The law makes similar amendments to the article in the Federal Law On Combating Terrorism defining the procedures for qualifying organizations as terrorist organizations.

Amendments are also to be made to the article in the Federal Law On Combating Legalisation (Laundering) of the Proceeds of Crime and Financing of Terrorism making it compulsory to publish on the authorised body’s website and in official periodicals the list of organizations and individuals known to be involved in extremist activity and terrorism.

July 28, 2010