Financial Sovereignty of the Russian Federation: Rosfinmonitoring

Abstract

The paper defines the importance of Rosfinmonitoring in strengthening financial sovereignty of the state by combating financial crimes and their negative consequences for national security. The author focuses on the means by which Rosfinmonitoring bodies and structural divisions can carry out their activities, and justifies the legal basis for such interactions. Based on a systematic analysis of the functions and powers of this service, the author concludes that this body is a body of special financial competence and contributes to strengthening financial sovereignty. Rosfinmonitoring activities, on the one hand, are related to control measures over the movement of finances, and on the other, to the control of entities defined in legislation. The monitoring carried out by the aforementioned service represents one of the forms of state financial control and ensures the stability of the country’s economic sovereignty. The paper emphasizes the importance of Rosfinmonitoring in national security and indicates effectiveness of the service provided by optimizing preventive measures and using the unified information system of Rosfinmonitoring that is formed based on the analysis of the data obtained.