The Russian government on Thursday met to discuss the Central Bank's plan of action for 2005 in terms of improving banking supervision and oversight of the financial markets.
Speaking to the RIA Novosti news service last week, an unnamed government source revealed that the Central Bank plans to contribute to the drafting of amendments to the country's banking laws which would allow it to gather more information about the beneficial owners of banks and their affiliates than is permitted at present.
It additionally intends to establish criteria for determining the real owners of credit organizations, to participate in the drafting of amendments to the Criminal Code which would see bank owners and managers sued for providing false information to supervisory bodies, and to assist in amending Russian anti-money laundering legislation in order to bring it into line with the recommendations made by the Financial Action Task Force (FATF).
The source also revealed that the Central Bank plans to improve its own internal systems and processes in 2005.
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