“The extensive joint work with the Central Bank and law enforcement agencies has allowed to clean up the banking sector. If 18 months ago there were several dozen questionable banks in the country, today there are only about a dozen. We know them and we are taking efforts to gradually eliminate them all,” Director of the Federal Service for Financial Monitoring Yury Chikhanchin said at a meeting with Vladimir Putin, presidential web page reports.
According to Chikhanchin, “The demand for “grey” money is still there, and unscrupulous businessmen choose to act through foreign platforms. For instance, we are jointly working now with our Kyrgyz colleagues on the ‘Kyrgyz scheme’ case to find out where the money went. About ten more countries are providing assistance to us in this regard. A total of RUR 2 bln ($29 mio) has been seized so far. We have already reduced the outflow of monetary resources to Kyrgyzstan seven-fold thanks to assistance from our colleagues there.”
“Another set of problems is in the insurance industry,” he noted. “Here the principle is simple: a twin company is set up – that is, an insurance company and an insurance agent, and the money that an individual or a company are to bring for insurance, go to the insurance agent, and it is then distributed, leaving the insurance company out. We understand how to handle this, we work on this, and we are building a system.”