Open AccessTHE IMPACT OF THE AGREEMENT ON THE AUTOMATIC EXCHANGE OF FINANCIAL INFORMATION ONTO THE RUSSIAN SYSTEM OF COMBATING MONEY LOUNDERING
Author(s) -
Stanislav Aleksandrovich Grinyakin
Publication year - 2017
Publication title -
vestnik astrahanskogo gosudarstvennogo tehničeskogo universiteta. seriâ: èkonomika
Language(s) - English
Resource type - Journals
eISSN - 2309-9798
pISSN - 2073-5537
DOI - 10.24143/2073-5537-2017-2-83-88
Subject(s) - money laundering , business , principle of legality , legislation , context (archaeology) , finance , financial transaction , financial system , economic policy , accounting , political science , law , database transaction , paleontology , computer science , biology , programming language
Today, in the context of crisis, many managers of large corporations seek to protect their financial investments by their legalization and further withdrawal into the offshore zone. In the recent decade in many countries the problems of combating economic crimes related to money laundering are solved at the national level. The article highlights the need to improve legislation and strengthen activities in this direction.The authors consider different possible schemes of money laundering, participating of credit and financial institutions in such schemes being a unifying factor. Lack of governmental controls over legality of financial transactions, absence of precise criteria resulted in working out the Multilateral agreement of Organization for Economic Co-operation and Development (OECD) on cooperation between the competent authorities on the problems of automatic information exchange, which is the part of OECD Standard about automatic exchange of financial information. Adoption of OESD Standard by Russia leads to increased complexity and insecurity of operations of certain credit and financial organizations, but will make the procedure of provision of account information more transparent eliminating possibility to dodge taxes by money laundering for businesses.