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    World economic crisis boosts money laundering schemes - expert

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    The world economic crisis has boosted money laundering, the head of the Russian Financial Monitoring Service's legal department said on Monday.

    The world economic crisis has boosted money laundering, the head of the Russian Financial Monitoring Service's legal department said on Monday.

    Speaking at the Russian-Kazakh forum on financial security in the Kazakh city of Alma-Ata, Pavel Livadny said the crisis has caused an increased number of corporate raider attacks, both in the CIS countries and in the West.

    The expert said modern raiding tactics and money laundering schemes had become easier to carry out because transactions can now be carried out faster and cash payments made with greater anonymity. The non-banking sector has also increased its role in providing traditional banking services, such as money transfers.

    "Information technologies have developed and new market players, such as microfinance institutions. The market for making payments through the internet has also grown," Livadny said.

    He said these problems could only be combated through the further development of state control bodies and non-governmental organizations like the Association of Russian Banks.

    ALMA-ATA, May 31 (RIA Novosti)

     

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