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FATF De-Listing May Hasten Russia's WTO Accession

by Tatiana Smolenskaya, Tax-News.com, Moscow

14 October 2002

It was reported last week that Russia has been removed from the Financial Action Task Force's money laundering 'blacklist', and that it may accede to the World Trade Organisation far earlier than anticipated.

Following the late September approval in the State Duma of tough amendments to the country's anti-money laundering laws, which were requested by the FATF, Finance Minister, Alexei Kudrin was quoted on Friday by the ITAR-TASS news agency as announcing that Russia's removal from the list had finally been secured.

Meanwhile, it also emerged last week that the country may accede to the WTO sooner than expected. Reporting last week, Pravda announced that if Russia manages to reach agreements with both the United States and the European Union, it may be able to surrender its observer status and take up full membership as early as 2003.

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