§ Mrs. GillanTo ask the Secretary of State for Foreign and Commonwealth Affairs what discussion he has had with EU member countries about reducing illegal currency transfers from Russia to western banking institutions. [59276]
§ Ms Quin[holding answer 10 November 1998]There have been frequent discussions of Russia's economic problems and how the EU might best assist Russia to overcome them at meetings of the General Affairs Council, most recently on 9 November. During these discussions co-operation with Russia in fighting organised crime, including financial crime, has been discussed.
Through its TACIS programme, the EU funds training for Russian banking staff to help them identify evidence of money laundering and take action to prevent it.
An existing EU money laundering directive requires member states to implement legal measures to prevent criminal funds from being laundered by their financial institutions.