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Undisclosed Financial Services of the Russian Market
March 29, 2019 00:38


The Bank of Russia posted the information about the economy sectors that created the main demand for undisclosed financial services in 2018 on its website.

The data were prepared based of information of the Department of Financial Monitoring and Currency Control of the Bank of Russia.

Construction sector turned out to be the most opaque; at the end of the year, it accounted for 29 percent of all doubtful operations.

The second line belongs to the sector of services (security, cleaning, advertising), it accounts for 22 percent of undisclosed operations.

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This position is followed by trade in industrial and consumer goods, each of these segments accounts for 16 percent. Production accounts for 12 percent of all undisclosed operations, logistics – for four percent; the remaining one percent is allocated to the group titled “other”.

Earlier, the Central Bank presented a semi-annual review of the market of undisclosed services, including “operations aimed ultimately at withdrawal of cash or their offshoring on fictitious grounds for avoiding taxes, legalizing criminal proceeds and for corruption purposes”. Following the results of the first six months of last year, wholesale and retail trade (33 percent of undisclosed services), construction (30 percent) and services (21 percent) were the leading sectors.


Author: Anna Dorozhkina

Tags: Russian business Russian economy Russian companies   

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