Russian President Vladimir Putin last week gave the green light for the creation of a new government agency to monitor money laundering and terrorist financing.
The decree, signed on Wednesday, will allow the development of the newly created Financial Monitoring Committee (FMC) to begin in earnest, complementing the new anti-money laundering law signed this summer. The FMC will work under the direction of the Finance Ministry.
President Putin appointed former Deputy Tax Minister, now Deputy Finance Minister Viktor Zubkov, to head the FMC, which will reportedly employ 300 people in Moscow, and another 100 in the regions.
Finance Minister Alexei Kudrin stressed that no representatives from the 'power ministries' (for example interior or defense) will be involved in the workings of the new agency. He also revealed that the FMC's responsibilities will be purely supervisory, and that it will not be permitted to trace terrorist money unless other international monitoring bodies are given similar powers.
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