CIS Bankers Agree Joint Money-Laundering Policy

by Philip Morton, Investors Offshore.com

06 September 2001

Bankers in the Commonwealth of Independent States met earlier this week to discuss the need for greater integration and cooperation between financial institutions in the former Soviet Union, it was announced recently.

Speaking at a press conference, Yury Ponamaryov, head of state owned Vneshtorgbank, said: 'We are interested in having open economic cooperation so that CIS banks can operate openly in the banking sectors of the Commonwealth.'

The forum, which was attended by representatives from 10 countries, ended with the signing of a memorandum outlining 11 priority issues for the CIS banking sectors, including the development of an integrated banking infrastructure, correspondent account facilitation, proposing new banking and finance legislation, increasing the convertibility of CIS currencies, combatting money laundering, and developing a database of credit-worthiness for CIS residents.

The Deputy CEO of Vneshtorgbank, Anatoly Chernyshov, bemoaned the underdevelopment of interbank relationships at the news conference, likening the situation to the Middle Ages. 'Even today, a considerable amount of trade between our countries is settled either through banks in third countries, cash or barter,' he observed.

An agreement was made at the meeting to form a financial banking council, which is set to meet in Kyrgystan in the next year.

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