*** RUSSIA DECLARES $3.8 TRILLION USD IN TRANSFERS ***
JOURNALS & WRITTEN by Fred Kohx >
Executive Founding Member for WANTED SA >
Monday December 06, 2010 >
WANTED SA has learned this morning from our agent in Moscow that the Federation of Russia Financial Institutions reported 120 trillion rubles (2.44 Trillion Sterling Pounds) of transactions to the Anti-Money Laundering Watchdog in the first nine months of 2010, the Kommersant Daily reported on this morning.
Russian businessmen sent hundreds of billions of dollars abroad in the years following the 1991 fall of the Soviet Union, though such a high volume of suspicious transactions could fuel fears of increased capital flight and money laundering.
Kommersant cited an unidentified spokesman for the anti-money laundering watchdog based in the republic of Panama as saying Banks, Insurance Companies and Financial Services Companies had made 5.6 million filings about suspect transactions in the first nine months.
The paper said the volume of the suspicious transactions was more than double the 57 Trillion Ruble figure reported for the same period of last year and is over three times Russia's nominal gross domestic product. Kommersant quoted bankers and analysts as saying the high figure could be due to increased economic activity, as Russia emerges from the worst crisis in over a decade, and to better reporting of suspicious transactions.
Banks in Russia has been fully cooperating with the Central Bank and the AMLW and reporting every transfer which can be accounted for. Russia's central bank expects a capital outflow of $22 Billon in 2010.
In September, the central bank warned that the number of suspicious transactions to accounts outside the country was on the rise; however, the economy in exports is also on the rise.
Several weeks ago a blogger in the Republic of Panama wrote an article accusing several individuals of criminal activites involved in assisting the transfers of billions of dollars of assets from Russia were proved to be fabricated and lies. The blogger whose name is Okke Ornstein and Bananama Republic has since himself been charged with criminal offenses of Slander, Libel and Fraud.
A spokesman for Russia's Anti-Money Laundering Watchdog, the Federal Financial Monitoring Service, could not be reached for immediate comment on the report.
WANTED SA thanks to all the News Agencies in Russia, WANTES SA Agents in Russia, IP Providers, Hosting Firms who contributed to this report and all the Parties, Press, Law Enforcement and Securities forces who have contributed to this article and their sincere opinions and statements.
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