Deputy Federation Council Speaker took part in the Russia-Africa Economic and Humanitarian Forum.
Deputy Federation Council Speaker Nikolai Zhuravlev moderated the panel on International Cooperation in the Financial Security Sphere. The discussion was held in St Petersburg as part of the Russia-Africa Economic and Humanitarian Forum.
According to the Deputy Speaker, financial security issues are increasingly important. “Organised crime’s inroads into the legal economy as well as criminal financial flows hinder economic development, increase inequality, and undermine stability,” Nikolai Zhuravlev said.
He explained that the criminals increasingly relied on new information and financial technologies such as social engineering with the use of mobile and internet communications, pyramid investment schemes on the internet, and phishing websites. Cryptocurrency is a tool that is actively employed to launder criminal proceeds.
Nikolai Zhuravlev mentioned Russia’s efforts to upgrade its regulatory and legal framework for the purpose of counteracting money laundering and fighting social engineering. “Right now, we are concentrating on a draft law designed to deal with pyramid investment schemes and other dishonest financial actors that cannot be supervised by the mega-regulator. These draw funds from unskilled rank and file investors and pose a lot of risk to the public.”
He pointed to the need to establish effective interstate cooperation. In his view, financial intelligence units play a paramount role in unravelling crimes against financial security.
The Deputy Speaker reminded his listeners that unpoliticised and comprehensive cooperation has for many years made it possible to strengthen collective financial security. “It is this joint, friendly and collective approach that will guarantee the attainment of our common goals.”
Nikolai Zhuravlev also addressed a roundtable on “The state in the changing environment: What future is in store for external audit?” He described how government auditing helped the legislative branch and informed his audience about collaboration between the Federation Council and the Accounts Chamber. “The parliamentarians appreciate the professional outlook of the external auditor as an analytical centre that provides a comprehensive assessment of the country and regions’ socioeconomic development in many areas.”
He also noted the role that the Accounts Chamber played in providing recommendations on how to improve laws. In this context, the Federation Council prioritised the development of the external state audit system at the regional and municipal level. Nikolai Zhuravlev reminded his listeners that the Federation Council had come up with an initiative for a framework law on bodies of control and accounts for regions and municipalities.
He also focused on prospects for using the digital rouble. According to him, digital currency made it possible to use the “colouring” technology to make spending targeted and purpose-oriented. “This can considerably enhance the transparency of monetary flows and the traceability of transactions. The digital rouble can be used in trans-border settlements, while increasing the speed and availability of international transfers.”