Good news: Russia bank chief says billions leaving country illegally

Russia's central bank governor Sergei Ignatiev has said that $49bn (£33bn) left the country illegally last year.

The capital flight, some 2.5% of Russia's annual economic output, was controlled by "one well-organised group of individuals."

Mr Ignatiev told a Russian newspaper that the money transfers could have been used to pay for supplies of narcotics, bribes and avoiding taxes.

But a government spokesman said the figure was "highly exaggerated".

"You get the impression that they are all controlled by one well organised group of people," Mr Ignatiev told local newspaper Vedomosti, although he declined to name the individuals.

"With a serious concentration of efforts by law enforcement agencies, I think it is possible to find these people," he added.

Mr Ignatiev said the $49bn figure was drawn from a central bank study that showed more than half the flows were made up of "dubious" capital transfers, "payments made by Russian organisations to non-residents, the stated aims of which are clearly false".

http://www.bbc.co.uk/news/business-21532140

Good news: Russia bank chief says billions leaving country illegally

Good news: Russia bank chief says billions leaving country illegally

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