scholarly journals E-money: opportunities for quick payments and risks of their use for illegal purposes

2018 ◽  
pp. 69-75
Author(s):  
A. A. Koval ◽  
M. Yu. Kuzmenkov
Keyword(s):  
Money Laundering ◽  
Russian Federation ◽  
Cross Border ◽  
Terrorism Financing ◽  
The Russian Federation ◽  
Remote Identification ◽  
Improvement Of Legislation ◽  
Special Risk ◽  
Oriented Approach ◽  
The Eu

E-money is widely used in cross-border commercial relations. It can increase the speed and cut cost of payments for business. At the same time e-money can be used for laundering funds gained by criminal ways and for terrorism financing. FATF member-states use provisions of the legislation about fighting criminal incomes’ legalization in respect to e-money issuers. These countries also underline that special risk for criminal incomes’ legalization can be caused by anonymous money and pre-paid cards. Therefore, many countries fix in their national laws measures that ensure realization of risk-oriented approach directed at minimizing risks of money laundering and terrorism financing. For example, the EU develops amendments to the directive aiming at elimination of risks dealing with use of e-money and pre-paid cards for legalizing criminal incomes. The authors propose measures aimed at improvement of legislation about fighting money laundering and terrorism financing to minimize respective risks in using e-money. At the same time the necessity to develop conditions for extending possibilities of remote identification was pointed out, as it was envisaged by the program ‘Digital Economics of the Russian Federation’.

Impact of the Green Deal on copper imports from Russia to the EU

2022 ◽  
pp. 110-125
Author(s):  
D. A. Chupina
Keyword(s):  
Russian Federation ◽  
Financial Burden ◽  
Green Economy ◽  
Relative Growth ◽  
Adjustment Mechanism ◽  
Cross Border ◽  
The Russian Federation ◽  
Geographic Remoteness ◽  
The Impact ◽  
The Eu

The article analyzes the prospects for copper imports from the Russian Federation to the EU in the context of the implementation of the plan for decarbonization of the EU economy by 2050. It is noted that green economy is more metal-intensive, but in the medium-run, the impact of the traditional drivers (population growth and rising welfare) on the global copper market will remain significant. Similar trends are shown in the EU copper market: in the current decade, the rapid relative growth of the green sectors of the economy and the demand for copper from them will not lead to fundamental changes in the dynamics and structure of the market. At the same time, the introduction of a cross-border carbon adjustment mechanism (CBAM) could disrupt the sustainability of the established business model in the European copper industry. Eight scenarios of the financial burden for copper imports from the Russian Federation to the EU after the introduction of CBAM are presented, showing that the new EU foreign trade instrument will not have a restrictive effect on copper imports from the Russian Federation. However, the increase in the supply of Russian copper to the growing EU market may be constrained by the geographic remoteness of new copper mining and refining facilities.

Features of the Organization of Internal Control in Order to Counter the Legalization of Criminal Proceeds in Leasing Companies

2019 ◽  
Vol 8 (3) ◽  
pp. 67-74
Author(s):  
Елена Карпова ◽  
Elena Karpova
Keyword(s):  
Money Laundering ◽  
Russian Federation ◽  
Internal Control ◽  
Moderate Level ◽  
Control Rules ◽  
Terrorism Financing ◽  
The Subject ◽  
The Russian Federation ◽  
Financial Monitoring ◽  
Monitoring Service

The article describes the features of the functioning of leasing companies as subjects of primary financial monitoring, which necessitates their registration in the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring). The subject of the research is the compliance of leasing companies with the requirements of the Russian legislation aimed at countering the legalization of illicit gains (money laundering) and terrorism financing (AML / CFT) in terms of organizing and effectively implementing internal control for AML / CFT purposes. An analysis of the interaction between employees responsible for compliance with and implementation of internal control rules has been carried out. The study showed that leasing companies are characterized by a moderate level of risk of involvement in the process of laundering criminal proceeds.

scholarly journals Prospects of Legal Regulation of Crypto Economy and ICO in Russia and Other Countries

2019 ◽  
Vol 14 (5) ◽  
pp. 80-99
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Legal Regulation ◽  
Financial Assets ◽  
Foreign Investments ◽  
Current State ◽  
Terrorism Financing ◽  
Key Issues ◽  
The Russian Federation ◽  
The Eu

This article discusses the key issues of legal regulation of the crypto economy in some countries (USA, Switzerland, France, Russia, Belarus, Israel, and the EU as a whole). Special attention is paid to the legal regulation of ICO as a way to attract foreign investments. The statements of regulatory authorities of different countries are considered; the existing practice of ICO project regulation and the current state of the primary token placement market are analyzed; the aspects of the extraterritorial effect of the U.S. securities legislation are studied, and so are thekey risks for the investor and the creator of an ICO project. A separate paragraphis devoted to the known methods used by law enforcement services (e.g. Europol)to fight money laundering and terrorism financing through criminal cryptocurrencytransactions. As a result of the analysis, taking into account the current practice of combating money laundering, recommendations are made to changethe relevant legislation. In addition, this article discusses the problems of legal uncertainty regarding the taxation of crypto assets. The authors analyzed the currentlegal framework in the Russian Federation aimed at regulating the turnover of crypto assets. In particular, the bill on digital financial assets was considered. The overall conclusion of the study is that, in general, Russia today has the opportunityto become one of the leaders in the new market. Russia ranks second in the world in the number of ICOs, and the country has launched a number of blockchainprojects that are popular around the globe.

scholarly journals On the hygienic scientific provision of the Water strategy of the Russian Federation

2021 ◽  
Vol 100 (9) ◽  
pp. 923-928
Author(s):  
Oxsana O. Sinitsyna ◽  
Victor V. Turbinsky
Keyword(s):  
Drinking Water ◽  
Water Supply ◽  
Russian Federation ◽  
Industrial Development ◽  
Technological Development ◽  
Water Protection ◽  
The Russian Federation ◽  
Business Entities ◽  
Water Strategy ◽  
Oriented Approach

Increased competition between producers has now become one of the critical features of the country’s economy. Within the framework of the Water Strategy of the Russian Federation, technological issues play a significant role both in the protection of water resources and in compliance with the safety requirements and favourable quality of the water used. For more than 20 years worldwide, there has been a transition from a hazard-oriented to a risk-oriented approach in the organization of nature and water protection activities. The use of a risk-based approach determines the mandatory monitoring of all pollutants and calculation methods for assessing various types of toxicity of a substance, their hazardous concentrations based on knowledge of the structure and information about the hazard of substances from international databases and registers. Based on the analysis of the main provisions of the Water Strategy of the Russian Federation until 2020 in conjunction with the conditions of water use affecting the health of the population, the priority problems of technological development in the water protection sector and their medical and preventive support were identified. Measures have been outlined to ensure the compliance of the technology for the protection of water bodies, sources of household and drinking water supply to the population and industrial development for monitoring the effectiveness and efficiency of hygienic regulation, sanitary and epidemiological examination of project documentation and a risk-oriented approach to ensuring the activities of business entities on the territory of sanitary protection zones of drinking water sources: water supply, wastewater treatment from point and diffuse sources of pollution.

scholarly journals Assessment of the Impact of EU Sanctions on Budget Revenues of Russia in the Context of New Industrialization in Terms of National Dimension

2021 ◽  
Vol 93 ◽  
pp. 02003
Author(s):  
Andrey Anisimov ◽  
Oksana Kolotkina ◽  
Inara Yagofarova
Keyword(s):  
Russian Federation ◽  
Factor Model ◽  
Eu Countries ◽  
Tax Revenues ◽  
Russian State ◽  
The Russian Federation ◽  
Tax Payments ◽  
The Impact ◽  
New Industrialization ◽  
The Eu

The article examines topical issues that assess the impact of EU sanctions on the volume of tax revenues of the consolidated budget of Russia. The main purpose of this study is an attempt to develop a factor model that allows assessing the sanctions impact on the specified tax revenues, describing and analyzing the factors that directly or indirectly affect the formation of the consolidated budget revenues of the Russian Federation, identifying the corresponding relationships during the period of new industrialization. A separate stage of the presented study is associated with the development of the above model, which evaluates the sanctions effect on the composition of tax revenues of the consolidated budget of the Russian Federation and verification of the adequacy of this model. The authors' own research made it possible to develop a conceptual factor model that assesses the impact of the sanctions effect of the EU countries on the composition and volume of tax revenues of the consolidated budget of the Russian Federation, the use of which makes it possible to analyze the proceeds from the tax payments that have come under the influence of the sanctions. The model presented by the authors makes it possible to fundamentally assess the real impact of the applied sanctions on tax revenues of the consolidated budget of the Russian Federation, to develop appropriate directions in the development of the country during the period of the new industrialization of the Russian state.

scholarly journals The relevance and problems of the Hague Convention of July 2 2019 on the recognition and enforcement of foreign judgments ratification by the Russian Federation

2020 ◽  
Vol 8 (2) ◽  
pp. 31-35
Author(s):  
Marina Senicheva
Keyword(s):  
Russian Federation ◽  
Hague Convention ◽  
Cross Border ◽  
Recognition And Enforcement ◽  
The Russian Federation ◽  
The Hague ◽  
The Hague Convention

The article sheds some light on problems that impede the ratification by the Russian Federation of the Hague Convention on the recognition and enforcement of foreign judgements of July 2, 2019. As a result of analysis of the risks and prospects of ratification by the Russian Federation of the Hague Convention on the Recognition and Enforcement of Foreign judgements of July 2, 2019, the author concludes that there are no legal contradictions that could adversely affect ratification of the convention in question. In this regard it is possible to conclude that these are political contradictions and the Russian Federation’s reluctance to build a cross-border system for recognizing and enforcing decisions of foreign courts that can impede the convention's ratification

scholarly journals EU’s Resilience in the Eastern Partnership Region vs Russia’s Hybrid Aggression

2021 ◽  
pp. 78-86
Author(s):  
Oleh Kozachuk ◽  
Grigore Vasilescu
Keyword(s):  
Russian Federation ◽  
Academic Research ◽  
Third Party ◽  
Eastern Partnership ◽  
Republic Of Moldova ◽  
Eastern Partnership Countries ◽  
The Russian Federation ◽  
The Republic ◽  
Sphere Of Influence ◽  
The Eu

The article examines the issues of counteracting the hybrid aggression of the Russian Federation in the countries of the Eastern Partnership. It is stated that European Union has been implementing the Eastern Partnership policy for more than ten years. This implementation has been a resounding success for all, without exception, the six target states. Ukraine, the Republic of Moldova and Georgia have advanced much more in their European aspirations. However, this does not stop the Russian Federation from further positioning all the states that were once part of the USSR as a sphere of its ultimate influence. Russia is also producing rivalry with the EU for influencing all, without exception, the Eastern Partnership states and even the EU. An overview of academic research analyzing the resilience of the EU in the face of Russia in the context of its impact on the Eastern Partnership countries is set out in this article. Some approaches have been used to define the EU as a “normative power” and Russia’s controversial policy towards neighbouring countries. The examination of the works described in the article concludes that the Russian Federation continues to regard neighbouring states as its sphere of influence, particularly Ukraine, Moldova, and Georgia. Moscow considers any attempt by a third party to interfere as an intrusion on its unique field of power. As can be observed from the investigated sources, Russia’s activities are scarcely diplomatic or focused on global democratic norms. In its Eastern Partnership strategy, the EU, on the other hand, utilizes values as a guideline. Simultaneously, Ukraine, the Republic of Moldova, and Georgia must demand immediate modifications to the Eastern Partnership policy. The potential of EU membership, in particular, must be appropriately explained by Brussels.

scholarly journals POTENTIAL AND ROLE OF UNDERSERVED FOREIGN MARKETS FOR THE DEVELOPMENT OF UKRAINE’S TRADE WITH THE EU

2020 ◽  
pp. 62-71
Author(s):  
O. Shnyrkov ◽  
D. Pliushch
Keyword(s):  
European Union ◽  
Russian Federation ◽  
Free Trade Area ◽  
The European Union ◽  
Foreign Markets ◽  
International Partnership ◽  
Trade Relations ◽  
Long Run ◽  
The Russian Federation ◽  
The Eu

The article identifies the volume of underserved markets for the development of Ukraine's foreign trade with the EU. The Ukraine's export potential on the EU underserved market is analyzed. It is established that the intensification of trade relations between the Ukraine and EU is a mutually beneficial process, and export potential of Ukraine in the EU market for goods whose exports to the Russian Federation have decreased is of particular importance. The main foreign markets of Ukraine for the export of agricultural and industrial goods from Ukraine have been identified. The main commodity groups of underserved markets to the EU have been identified, the exports of which to the Russian Federation have decreased the most. According to the results of the study, it has been concluded that the underserved markets of the European Union play an important role in the development of Ukraine's trade: first, they allow reorientation of exports of Ukrainian goods, the import of which is prohibited into the customs territory of the Russian Federation, to EU markets; secondly, they help to identify directions for the modernization of Ukrainian production in accordance with the unmet needs of the European goods market. It is concluded that the process of deepening mutual trade in underserved markets in a free trade area is mutually beneficial for Ukraine and the European Union, as trading partners can benefit from increased trade flows, and establishing international partnership between the parties can bring additional benefits in the long run.

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