Russia to develop int'l info sharing system to counter money laundering

MOSCOW. July 18 (Interfax) - Russia has begun developing an information exchange system as a tool to counter the legalization of criminal proceeds with countries of Central and Southeast Asia, the Middle East, Africa, and Latin America, the Russian government said in a statement on its website.

Russian Prime Minister Mikhail Mishustin has signed a directive on allocating 8.5 million rubles to finance the technical design and creation of a prototype of the information exchange system by specialists from the International Training and Methodology Center for Financial Monitoring in 2023.

Russia plans to create the information exchange system based on local technology in 2023-2026. It will include encrypted information channels with countries that Russia considers friendly. The Federal Financial Monitoring Service (Rosfinmonitoring) will coordinate the system's development.