Vladimir Putin:"Everyone should understand that living in line with the law is more comfortable and profitable than trying to get round it"

Sunday, June 26, 2022

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Vladimir Putin called for tight control over legislation covering the country's banking sector to ensure that everyone understood that living within the letter of the law was more advantageous that trying to circumvent it. During a meeting with Central Bank Chairman Sergei Ignatyev, the president said oversight work should be "clam and systemic." "Everyone should understand that living in line with the law is more comfortable and profitable than trying to get round it," Putin said. Ignatyev in turn said that the Central Bank of Russia was continuing its oversight work and that he personally coordinated it. "One of the main aims is to counter dubious operations in banks," Ignatyev said, explaining that he meant tax and customs duties evasion, money laundering and capital flight. He added that in 2005 the Central Bank of Russia has revoked the licenses of about a dozen banks for legal violations.