Russia's Financial Police State (Brookings)
On July 1, the presidency of the Financial Action Task Force (FATF) passed to Russia. Thus, with no fanfare, the body set up over two decades ago by the United States and other Western countries to lead the global fight against financial crime was placed in the hands of a country where, in the words of a 2012 report of the U.S. State Department, “corruption and financial crimes flourish.” Comprehensive surveillance of banking, business, and personal financial transactions worldwide will now be coordinated by Russia? How did we give the fox the keys to the henhouse on this one? The story of how it happened is a paradigmatic example of good intentions gone awry, with the efforts by the global community to coordinate against a common threat ending up empowering an authoritarian regime that is itself part of the problem.
www.brookings.edu/research/opinions/2013/07/19-russia-financial-police-state-gaddy