23.07.09

Russia's federal financial monitoring agency registers a growing withdrawal of capital from the country to offshore companies' accounts, a Rosfinmonitoring official told Itar-Tass.

"Today the increase in the withdrawal of capital from Russia with the use of offshore transit is evident. This means that financial funds are taken from Russia to accounts of offshore companies opened in third countries' credit institutions," the official said.

The main channels of offshore transit run though banks of the Baltic states. Since the beginning of 2009 over 295 billion roubles have already been 'pumped" from Russia to offshore companies.

"The world community, including the Financial Action Task Force on Money Laundering (FATF) and the Egmont Group - Money Laundering Prevention Unit, register onward trends in money laundering schemes in the non-financial sector that includes the gambling business, real estate, market of precious metals and stones, lawyers, notaries, accounting officers, trade organizations, including those engaged in foreign trade operations," the official said.

Rosfinmonitoring chief Yuri Chikhanchin stressed that first of all these trends are explained by the fact that non-financial organizations have weaker internal control as that compared with the financial sector.

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Source: Itar-Tass