Anti-money laundering platforms and credit ratings will be discussed at BRICS 2024, Russia’s Central Bank Governor Elvira Nabiullina said on Tuesday. He said that Russia will propose important initiatives to increase cooperation with BRICS countries in 2024. Russia is presiding over this block for the year 2024.
According to the report of Xinhua news agency, the Russian Central Bank Governor said that the country would like to promote the topic of mutual recognition of ratings for trade and investment.
The country will launch an initiative of anti-money laundering platform called “Know Your Customer” to prevent money laundering of illicit funds.
Russia took over the chairmanship of BRICS for 2024 on January 1. Russia also plans to create a common platform for BRICS countries to exchange training and experience and also create settlement-depository infrastructure in collaboration with that platform.
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Elvira Nabiullina, governor of the Central Bank of Russia, said that some hopes are also being raised from the idea of creating supranational rating agencies. This has been discussed in both the Eurasian Economic Union and BRICS. But “a lot of complex issues” are involved – like how to secure financing, who should be the founder and how to provide guarantees.
The Russian Central Bank Governor said about credit ratings that mutual recognition of ratings would be more practical and faster.
