Russian banks cut down on suspicious transactions

The volume of suspicious bank transactions in Russian banks decreased 8 percent to RUB 1 trillion (approx. USD 40.6bn) in 2007 compared to a year earlier, the Bank of Russia's Deputy Chairman Viktor Melnikov told journalists today. Meanwhile, the volume of dubious deals shrank 24 percent in Moscow, Melnikov noted, adding that Russia's cash circulation had grown 34 percent, while retail trade had increased by more than 10 percent in 2007. Dubious cash conversion deals often involve the purchase of agricultural equipment or securities, the official said, adding that conversion of assets into cash was used for tax evasion both in Russia and abroad.

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