Financial monitoring service Rosfinmonitoring to halt suspicious transactions starting from 1st June.
Here's the Revised Version:
Get ready, as of June 1st, Rosfinmonitoring will have the power to put a halt on shady money transfers by individuals! If they suspect a transfer might stem from fraud, money laundering, or the funding of extremist activities, they'll freeze it for up to ten days.
This move takes aim at the illegal actions of "droppers," folks who, under shady influences or for a quick buck, sign up for bank accounts only to hand over their cards to crooks looking to siphon off stolen funds.
German Neglyad, Rosfinmonitoring's deputy head, previously told RIA Novosti that they won't abuse this new power by freezing mass transfers. Each case will be carefully considered before a decision is made, he assured.
Now, let's delve deeper into how these measures will snuff out fishy financial transactions:
The Nitty-Gritty of the New Measures
- Freezing Transactions: Rosfinmonitoring gets the green light to freeze transactions involving funds or property for up to ten days if they believe the funds are tainted[1].
- Cracking Down on Money Laundering: By freezing suspicious transactions, Rosfinmonitoring can disrupt potential money laundering operations. By stepping in, they can stop the dirty money from getting cleaned[1].
Tackling Illegitimate Activities
- Thwarting Extremist Funding: From June 1, 2025, Russia ramps up its anti-extremist activities by viewing the intentional provision of financial services to extremist groups as a criminal offense[2].
- Tighter Banking Controls: Banks are beefing up their checks on money transfers, as well as cash withdrawals, as part of broader efforts to combat fraud, which, in turn, helps flag fishy activities associated with money laundering[2].
- Blockchain Tracking: Russia leans on blockchain tracking tools like Transparent Blockchain to keep an eye on crypto transactions, which aids in identifying and preventing illegal activities, such as money laundering[4].
These measures are designed to bolster financial security and stymie illicit financial transactions within Russia.
- The new measures in Russia's policy-and-legislation will enable Rosfinmonitoring to freeze suspicious financial transactions for up to ten days, potentially disrupting money laundering operations and thwarting the funding of extremist activities.
- Implementing tighter banking controls is now a priority for Russian banks, as they are required to perform thorough checks on money transfers and cash withdrawals as part of efforts to combat fraud and finance-related crime-and-justice.
- In the realm of general-news, the Russian government is stepping up its fight against crime-and-justice by utilizing advanced technology, such as blockchain tracking tools, to monitor cryptocurrency transactions and prevent illegal activities like money laundering.
