Analyzing Russian compliance with anti-money laundering and combating the financing of terrorism, insider trading and anti-corruption laws

Author:Maria Shalimova
Position:Faculty of Business, Law and Sport, University of Winchester, Winchester, UK
Pages:318-327
SUMMARY

Purpose - The purpose of this study is provide a critical overview of compliance with anti-money laundering and combating the financing of terrorism, insider trading and anti-corruption laws in Russia. Design/methodology/approach - The mixed approach for this article will be used with some elements of grounded theory. The method used... (see full summary)

 
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Analyzing Russian compliance
with anti-money laundering and
combating the nancing of
terrorism, insider trading and
anti-corruption laws
Maria Shalimova
Faculty of Business, Law and Sport, University of Winchester, Winchester, UK
Abstract
Purpose – The purpose of this study is provide a critical overview of compliance with anti-money
laundering and combating the nancing of terrorism, insider trading and anti-corruption laws in
Russia.
Design/methodology/approach The mixed approach for this article will be used with some
elements of grounded theory. The method used includes the following: observations, various interviews
and analysis of legal documents and other primary sources.
Findings – Russian regulatory compliance has a tremendous pressure and signicant challenges for
both regulators and regulated banks and organizations. It is a moment when Russia could become a
more developed country and play a bigger role in international arena or come back to the past time.
Originality/value – The article is based on my practical experience and PhD research observations.
Keywords Russia, FATF, Anti-money laundering and combating the nancing of terrorism,
Insider trading and anti-corruption laws, CBR regulations
Paper type Viewpoint
Believe nothing, no matter where you read it, or who said it, unless it agrees with your own
reason and your own common sense.
Buddha
Introduction
For some time, I have been intrigued by the apparent failures and breaches in the
nancial regulation within Russian nancial services and in other parts of the world. A
central part of compliance job is to understand the internal business processes, the
regulatory and political environment and to carefully interpret the requirements of the
regulator (state) while remaining fully aware of our business interests.
Having in mind that Russia joined the World Trade Organization (WTO) in
December 2012 and so became a legitimate part of the global community and
international trade, Russia is expected to align its laws and regulations with
international standards. For example, decision processes should be more transparent
and to not arbitrary or unfairly prejudice the interests or either business or the state. The
development of compliance in Russia could act as a bridge drawing in Western
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1358-1988.htm
JFRC
22,4
318
Journal of Financial Regulation and
Compliance
Vol. 22 No. 4, 2014
pp. 318-327
© Emerald Group Publishing Limited
1358-1988
DOI 10.1108/JFRC-09-2013-0031

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