Russian System of Combating Financing of Terrorism Among World's Most Advanced

The Russian system of combating money laundering and terrorist financing is recognized as one of the most advanced in the world, Deputy Director of the Russian Foreign Ministry Department of New Challenges and Threats Dmitry Feoktistov said on Thursday.

BALI (Sputnik) — Feoktistov said that Russia largely contributed to the FATF initiative to not only close financial resources that "nourish" Daesh, but also any sources of material, technical and economic support to the organization.

He added that Russia, FATF and the UN Security Council started working on the issue of introducing a comprehensive economic and trade embargo on the Daesh-controlled territories.

"At present, Russia is the initiator of the adoption of new measures that will be directed at the overlapping of the financing of terrorism, above all, of Daesh There is also the UN resolution 2199, proposed by Russia, which is aimed at depriving Daesh of feeding sources, primarily through trade in oil, gas and cultural values," Feoktistov told RIA Novosti.

Feoktistov is heading the Russian interdepartmental delegation at the August 8-11 Counter-Terrorism Financing (CTF) Summit in Indonesia's Bali.

Russia is a member of the inter-governmental Financial Action Task Force on Money Laundering (FATF), which is now mostly focused on the issues of countering terrorist financing, the diplomat recalled.