Russia to build int'l information exchange system to fight money laundering

ST. PETERSBURG, July 18 (Xinhua) -- Russia will develop an international information exchange system to counter the legalization of illegal income, the government announced on Tuesday.

According to the government's press service, Russia will develop the system in cooperation with countries of Central and Southeast Asia, the Middle East, Africa and Latin America, which will become one of the tools to fight money laundering.

The system is planned to be created on the basis of Russian technologies in 2023-2026, and will include closed communication channels with friendly countries.

Russian Prime Minister Mikhail Mishustin has signed a decree to allocate 8.5 million rubles (about 93,700 U.S. dollars) for this project.