Russia Warning of Financial Scams on the Horizon

Russian Coat of ArmsFirst Deputy Head of the Federal Financial Monitoring Service, Yuri Korotky, stated in an interview with the Rossiyskaya Gazeta daily that they forecasts an outburst of pyramid schemes and scams, as well as a worsening of the criminal situation related to currency speculations, speculative deals with precious metals, money surrogate and cash out operations and transferring money to offshore bank accounts.
According to the interview there’s a distinct threat of criminal groups grabbing assets and strengthening their control through financial scams.

“Taking into account the difficult financial situation of many our banks and enterprises we forecast the growth of deliberate bankruptcy and open raider attacks on the most liquid assets and property.”
“There is a high risk of devalued assets to be bought out by organized criminal groups. This is fraught with property redistribution in favor of criminals. It is very dangerous, as in fact, it means the risk of legalizing criminal money.”

Now that the threat has been identified and the risks to the stability of the Russian society have been publicly disclosed, Yuro Korotky went on to describe some of the measures the government would take to reduce money-laundering in order to combat criminal groups from siphoning money offshore via credit deficit pyramid schemes and scams built on bogus credit swaps of rogue investment projects.

“We have to sharpen instruments of fighting financial fraudsters. It is expedient to submit amendments to the anti-laundering law that would make budget fund operations subjected to obligatory control. Moreover, it would be useful to mark special accounts through which budget funds flow.”

The bottom line is that Yuri Korotky’s agency, Rosfinmonitoring, forecasts the worsening of the criminal situation as it concerns currency speculations, speculative deals with precious metals, money surrogate and cash out operations and transferring money to offshore bank accounts.

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