G-7 endorses action against Russia for lax anti-money laundering efforts


ROME – Finance ministers from the Group of Seven large economies confirmed in early in July that Russia, the Philippines and Nauru must take action against money laundering or face sanctions by the end of September.

Banks in the three countries could face enhanced surveillance and reporting requirements in G-7 and other nations if the three do not enact by the September deadline legal reforms to which they’ve said they are committed.

The ministers, meeting in Rome to discuss world

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