Special legal regime of information in financial monitoring

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Abstract


This article is devoted to financial law issues as to prohibition imposed on agents of financial monitoring to disclose of information on anti money laundering measures and measures against terrorism financing to third parties and administrative liability for failure to comply with such prohibition. The author considers the legal issues in relation to exchange of information with affiliates of the agents of financial monitoring and propose some practical solutions. The author proposes to divide the information into four categories: banking secrecy, personal data of individuals, information on measures taken by the agents of financial monitoring and public information. According to author, the application of legal acts has to depend on abovementioned types of information. The practical value (significance) of information for criminals carrying out money laundering / terrorism financing has to be the universal criteria for distinguish of information which can / cannot be disclosed to any third parties. The article contains the legal analyses of administrative liability for failure to comply with anti-money laundering / terrorism financing laws. The author proposes some ways of improvement of Russian administrative legislation, in particular, extension of some provisions of article 15.27 of the Russian Code of Administrative Offence on credit organisations.

M M Proshunin

Peoples’ Friendship University of Russia

Email: mproshunin@mail.ru
The Department of Administrative and Financial Law; The Department of Financial Law Russian State University of Justice 69, Novocheremushkinskaya st., Moscow, Russia, 117418

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