Methods of Combating the Legalization of Proceeds from Crime through Non-State Pension Funds
Abstract
The crisis in the field of social security of the population occurred in the process of transformation of economic relations, and, first of all, in the pension system. A reform of the pension system has been implementing for a sufficient period of time, in order to overcome the negative phenomena. Non-state pension funds (further NPFs) have been severely criticized by the Ministry of Health and Social Development to address the mandatory pension insurance system. Private organizations ineffectively manage the pension savings of citizens, and there is also a place for - the legalization of criminal proceeds, the ministry believes, which can be confirmed by the data published by the Bank of Russia on the revocation of licenses from a number of NPFs[1].
The legalization of criminal proceeds is by itself a very negative phenomenon, which adversely affects the individual organization, the economy as a whole and social life, exerting a detrimental effect on the economic and national security of society and the state. Operations, to some extent related to the legalization of criminal proceeds, significantly increase the risk of loss of reputation for non-state pension funds. As a result, these monetary resources fall into the global financial system, and acquire the ability to undermine the national currency and the economies of individual countries, thus creating a threat to both national and international security.
Keywords: Legalization of criminal proceeds, private pension funds, risk-oriented approach, internal control.
References
[1] The Law of the Russian Federation on August 7, 2001 No. 115 ”On countering the legalization (laundering) of proceeds, in a robbery manner, and the financing of terrorism”
[2] Order of Rosfinmonitoring No. 59 dated 17.02.2011 ”On approval of the Regulation on requirements for identification of customers and beneficiaries, including, taking into account the degree (level) of risk of the client committing operations for money laundering, to penalties”;
[3] Regulation No. 445-P of the Bank of Russia of December 15, 2014 ”On Requirements for Internal Control Rules of Non-Credit Financial Organizations for the Purpose of Countering the Legalization (Laundering) of Proceeds, Criminally Lined, and Financing Terrorism”;
[4] Informational letter of Rosfinmonitoring dated 02.08.2011 No. 17 ”On the signs of operations, types and conditions of activity, to the increased risk of clients for the purpose of legalization (laundering) of incomes, levels by criminal means, and financing of terrorism”;
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