Russian Federation

New Documents

The leaders of the G7 during a meeting in Hiroshima, Japan, reaffirmed their commitment to supporting Ukraine against Russian attacks via financial, humanitarian, military and diplomatic mechanisms.

Russian President Vladimir Putin issued a press release concerning a decree that allows the Russian government to freeze assets belonging to perceived adversarial countries.


Enforcement Actions

The Central Bank of Russia issued a notice revoking the banking license of the Ivanova, Russia-based bank for its anti-money laundering and counterterrorist financing requirements.

The Central Bank of Russia issued a warning against the Krasnodar-based bank for insufficient anti-money laundering and counterterrorist financing internal controls in violation of Part 1 of Article 15.27 of the Administrative Offenses Code.

Important Facts

  • The U.S. Department of State labels the Russian Federation as a major money laundering jurisdiction. Sources of laundered funds include corruption within state officials, embezzlement of public funds, tax evasion, fraud,, and drug trafficking. Russia is a transit and destination country for international narcotics traffickers, particularly from Afghanistan. Common methods used to launder money include: foreign and national shell entities; securities instruments; virtual currencies; precious metals; domestic and foreign real estate transactions and construction; pension funds; and luxury consumer goods. Russia's cash declaration system is only applicable at the external borders of the Eurasian Economic Union, meaning that currency can move undeclared within the country's borders.  Another significant problem in the country is cybercrime since both Russian backed-hackers and organized criminal groups work together to abuse virtual currency for money laundering purposes. The country lacks  corporate criminal liability legislation which further enables money laundering.  In 2020, the Central Bank of Russia revoked 15 bank licenses for regulatory weaknesses. -Source: 2021 International Narcotics Control Strategy Report (INCSR)


FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 7 High : 2
Largely Compliant : 28 Substantial : 4
Partially Compliant : 5 Moderate : 5
Non-Compliant : 0 Low : 0


Rank : 52/141
Score : 5.51/10


Rank : 137/180
Score : 28/100

Tax Justice Network i

Rank : 44/133
Score : 57/100