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EU labels Russia as high-risk for anti-money laundering frameworks
(MENAFN) The European Commission on Wednesday added Russia to its list of “high-risk” countries, citing “strategic deficiencies in its anti-money laundering and counter-terrorist financing frameworks.”
The designation followed a technical assessment based on “well-defined methodologies” that drew on public sources, member state authorities, and the European External Action Service. “This assessment concluded that Russia meets the criteria to be designated as a high-risk third country,” the Commission stated.
EU officials said the move aims to “preserve the integrity of the EU financial system” by requiring stricter scrutiny of transactions involving Russian entities. EU Economy Commissioner Valdis Dombrovskis explained on social media that the step ensures EU financial and non-financial operators apply enhanced checks when dealing with Russian entities.
Under the new designation, EU entities subject to anti-money laundering rules must exercise enhanced vigilance in dealings with Russia. The regulation will take effect after review by the European Parliament and European Council, with a one-month scrutiny period that can be extended for an additional month.
Russia has not immediately responded to the designation.
The designation followed a technical assessment based on “well-defined methodologies” that drew on public sources, member state authorities, and the European External Action Service. “This assessment concluded that Russia meets the criteria to be designated as a high-risk third country,” the Commission stated.
EU officials said the move aims to “preserve the integrity of the EU financial system” by requiring stricter scrutiny of transactions involving Russian entities. EU Economy Commissioner Valdis Dombrovskis explained on social media that the step ensures EU financial and non-financial operators apply enhanced checks when dealing with Russian entities.
Under the new designation, EU entities subject to anti-money laundering rules must exercise enhanced vigilance in dealings with Russia. The regulation will take effect after review by the European Parliament and European Council, with a one-month scrutiny period that can be extended for an additional month.
Russia has not immediately responded to the designation.
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