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ИД «Финансы и кредит»






National Interests: Priorities and Security

The informal financial sector: The scale of disaster in Russia

Vol. 16, Iss. 12, DECEMBER 2020

Received: 1 October 2020

Received in revised form: 18 October 2020

Accepted: 3 November 2020

Available online: 15 December 2020


JEL Classification: Е26, О17

Pages: 2218–2233


Kunitsyna N.N. North-Caucasus Federal University (NCFU), Stavropol, Russian Federation


Subject. The informal business more and more permeates the financial sector due to a growth in the digitization of the economy, developing IT and, consequently, cybercrime, increasing volume of e-payments.
Objectives. I herein study trends in the informal financial sector of Russia and provide our recommendations for reducing the volume of cash withdrawal.
Methods. The goals justifies my gradual study into legislative, regulatory, statistical, reference and periodical literature and the use of general scientific and special methods of research, such as the systems approach, formal logic, methods of comparative analysis, classification, graphical interpretation techniques, etc.
Results. I analyzed trends in the scale of the informal economy and considered the integration of illegal business into the financial sector. I discovered what caused changes in the structure of higher-exposure transactions and cash withdrawal. The article also evaluates damage caused with cybercrime in the banking sector. I group basic elements of AML regulations, describe advantages of anti-legalization mechanisms and their adverse effect on the economy. The article provides my guidelines for the use of mechanisms countering the informal capital in Russia.
Conclusions and Relevance. AML mechanisms should be used so as to prevent national security threats, without artificially hampering the development and advancement of the economy. The findings can underlies further research into anti-legalization activities as part of AML policy.

Keywords: informal economy, informal capital, money laundering, cash withdrawal, AML


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