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More than 42,000 financial crimes involving millions of dollars in losses were uncovered in Russia in 2013, President Vladimir Putin said Tuesday.

MOSCOW, March 5 (RIA Novosti) – More than 42,000 financial crimes involving millions of dollars in losses were uncovered in Russia in 2013, President Vladimir Putin said Tuesday.

He gave no figure for the exact losses last year from financial crime, but said that more than 20 billion rubles ($554 million) in damages had been caused in the past three years.

“According to law enforcement bodies, more than 42,000 crimes were committed in the country’s financial services sector in 2013,” Putin said.

He praised the efforts of Russia’s law enforcement bodies in combating financial crimes and noted that the global Financial Action Task Force (FATF) had recognized the country’s safeguards against money-laundering and terrorist financing as among the best in the world.

In June last year, Russia assumed the rotating presidency of the FATF, an international body established more than two decades ago by the United States and other Western countries to fight financial crime at the global level.

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