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With Russian Political Instability Comes Capital Flight, Compliance Risks
By Colby Adams
printU.S. banks should consider increasing their scrutiny over transactions originating from Russia as widespread allegations of election fraud is expected to fan political instability and capital flight, say analysts. The country has witnessed thousands protests in hundreds of Russian cities in December after independent reports showed signs of election rigging, including the alleged stuffing of ballot boxes during the Russian parliamentary elections on Dec. 4. U.S. and other officials have publicly condemned the alleged fraud, perpetrated on behalf of Vladimir Putin's party, United Russia. "The contest was also slanted in favor of the ruling party, the election administration lacked independence,...
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