Anti-Money Laundering


On 10 November 2011 the Federal Service for Financial Monitoring issued Order No. 361 approving the list of countries that do not comply with the recommendations of the Financial Action Task Force on Money Laundering (FATF).

The Order was registered with the Ministry of Justice on 13 December 2011.

Under the Anti-Money Laundering Law, transfers of money are subject to mandatory anti-money laundering control if the counterparty is an individual or an entity residing or located in a country that does not comply with the FATF recommendations, or the operations are made through an account opened with a bank registered in such country.

The Federal Service for Financial Monitoring has approved the list of such countries. It includes two countries - the Islamic Republic of Iran and the Democratic People’s Republic of Korea.

The Order will enter into force on 1 January 2012.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .