Russia hopes China will join FATF - Kudrin

Russia hopes that China will join the Financial Action Task Force (FATF), an international organization that combats money laundering and the financing of terrorism, as soon as possible, Russian Finance Minister Alexei Kudrin told the two countries' first ever ministerial financial dialogue in Beijing.

Speaking at a meeting with Chinese Finance Minister Jin Renqing, Kudrin, who is leading the Russian delegation to the event, said that "we positively assess China's participation in the Eurasian Group on Combating Money Laundering."

"As far as the financial sphere is concerned, I would like to note cooperation in countering money laundering, criminal incomes and the financing of terrorism. We hope that China will join FATF as soon as possible," the Russian minister said. Kudrin also backed the idea of enlarging China's share in the International Monetary Fund. "Russia has opportunities to contribute to the operations of the Eurasian Development Bank as an observer as the initial stage, switching to full-fledged cooperation later," he said.

"China's participation in the finance ministers' session as part of the G8 summit was increasingly important because China's opinion matters a great deal in determining the prospects for the development of the global economy," Kudrin said.

Source: Interfax