Foreign exchange market (Иностранный обменный рынок)

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The problem of “laundering” money is essential with regard to the exchange market. I’d like to add that the Russian exchange market comes first in this respect.

The origin of this problem directly is connected with activity of the organized crime: funds obtained in a criminal way are presented as legal capital to introduce them in economic and financial structures of the state. Therefore struggle against “laundering” money is recognized in all countries as one from major means of a counteraction of the organized crime. The sources of “dirty” money are as follows: international drugs traffic; mafia’s activity; illegal trade of weapon.

The use of exchange markets for “laundering” money is not a contingency. This process is promoted by absence of restrictions concerning foreign exchange.

Unfortunately today participation of Russia in international struggle against outline problem is limited by signing of the Viennese convention on struggle against an international drugs trafficking and entering Interpol.
The work on struggle against “laundering” money in Russia should start from the very beginning. The process of developing legislation and mechanisms of its application is supposed to give instructions aimed at lawful struggle against “laundering” money, developing bilateral cooperation with countries of European Union, USA and Japan.

Literature used

1. “Money, banking and the economy” T. Mayer, J.S. Duesenberry, R.Z.

Aliber

W.W. Norton & company New York, London 1981
2. “Principles of international finance” Daniel R. Kane

Croom Helm 1988
3. “Money and banking” David R. Kamerschen

College Division South-western Publishing Co. 1992
4. “Money and capital markets: the financial system in a increasingly global economy” fifth edition Peter S. Rose

IRWIN 1994