Russia’s Financial Monitoring Agency to be transformed into a Financial Police Force

Author: Alex Freedmann Section: Major Events of the Month

Issue: March 2012, Vol. 7, No.3

Tags: Bastrykin

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Fiscal Intelligence

The Russian Financial Police could be set up on the basis of the Financial Monitoring Agency, if it is given more powers, Alexander Bastrykin, the head of the Investigative Committee, said. “Combining the functions of financial intelligence and detection of crimes in the financial sector will allow us to more quickly verify information on suspicious financial transactions via investigative methods.”

Bastrykin added that the new agency will report direct to the Russian President or Prime Minister. “This model will enable the organization to reduce corruption risks and problems associated with abuse of power within the new department.”