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Part С. Law and Money Laundering in Russia(Stituation Report prepared by an International Bank in 1995)
Text 1: Outflow of Capital Text 2: Methods and Means Text 3: Bank and Law Text 4: Legislation and Customs Text 5: Criminal Proceeds and Cooperation with other Countries Text 6: Two Levels of Cooperation Text 7: Agencies and their Personnel Pre-reading questions:
1. Is Russia a country of planned or market economy now? 2. Are drugs and arms trafficking and the illegal sale of nuclear materials widely practiced in Russia at present? 3. Have you heard anything about gray money? What is it? Skim and scan:
Read the text quickly and mark the paragraph which seems most important to you. Text 1: Outflow of Capital During the period of Russia's transition from a centrally planned economy to a market economy, the opportunities to launder money appear to be limitless. Despite what is written in the media and debated in international fora, Russian law enforcement statistics do not support the thesis that criminally derived proceeds from abroad are entering Russia and subsequently laundered. This also holds true for foreign proceeds from drug or arms trafficking, and the sale of nuclear materials. Russian officials admit that mechanisms to detect and measure money laundering are lacking or could be improved, but the general consensus is that foreign funds are not laundered in Russia. The country does, however, remain vulnerable to money laundering, given the current legal and economic conditions. What is happening is a massive outflow of capital from Russia. These proceeds range from criminally-derived funds from commonplace offenses to the misappropriation of state assets through embezzlement, theft, and corruption. This money is legalized in Russia and eventually sent abroad, primarily to Western countries for laundering and safekeeping. Funds leaving Russia to be legalized abroad consist of a combination of assets from the proceeds of predicate offenses stipulated by criminal codes and proceeds that are illegally transferred out of Russia, commonly referred to as «gray money». Examples of this include corporate, private, and official funds sent to foreign accounts to evade hard currency restrictions, taxation, inflation, or detection. These types of illegal proceeds include more than those generated by organized crime. Instances of embezzlement by individuals in positions allowing access to either private or public funds also occur; these proceeds are likewise sent abroad. The proceeds ultimately return to Russia in the form of cash, goods, services, and equipment. Those remaining in Russia are used for operational expenses in furtherance of the criminal enterprise. Russian officials estimate that during the years 1992 and 1993, assets valued at four trillion roubles were stolen from the state. At the nominal exchange rate of $1.00 = R200.00 during this period, the equivalent losses incurred in U.S. dollars were $20 billion. According to Russian government estimates, approximately $100 billion of funds attributed to Russian sources lie outside the country in foreign banks. Approximately $30–40 billion of this sum is capital from tax and customs evasion.
§ Vocabulary notes
Note: Обозначения валют $, £, R – устаревшие, в соответствии с требованиями Международной организации стандартизации современные обозначения этих валют : USD, GBP и RUR.
Words and Grammar
aMatch the English and Russian equivalents:
b Mark the meaning in which the following words are used in the text with a tick:
с Write out the synonyms of the following words, from the text:
support.................................. about............................................. in spite of smth..................... very big........................................ finally.................................... usual............................................. mainly.................................... instance......................................... atomic...................................... limitation...................................... to suffer.................................. to discuss.......................................
d Write down the antonyms of the following words: hard currency......................... proceeds............................................ foreign banks......................... corporate funds................................ inflation................................. a centrally planned economy.......... expenses................................. limited............................................... estimates................................ inside the country............................
e Choose the correct prepositions and write down a sentence with each word combination:
to consist of/in smth misappropriation of/off state to range from/of smth to/with smth assets to hold true in/to smth at/in the nominal exchange rate to allow access for/to smth furtherance of/to the criminal according with/to Russian enterprise government sources in/at the media
f Give the word families of the following words: to restrict................................ to evade......................................... to embezzle............................to estimate.................................... gGroup the following words into a few logical groups:
h Complete the sentences with the words from the box:
1 The proceeds remaining in Russia are often used for operational................ expenses in furtherance of the..............enterprise. 2 The country is..............to money laundering given the current conditions. 3 The opportunities to launder money appear to be.............................. 4 This also holds true for foreign proceeds from drug or arms trafficking, and the sale of..............materials. 5 These types of..............proceeds include the proceeds sent abroad.
i Encircle the attributes and write how they are expressed:
the losses incurred in US dollars ....Past Participle............................ funds attributed to Russian sources...................................................... offenses stipulated by criminal codes.................................................. proceeds commonly referred to as «gray money».............................. criminally derived proceeds...............................,................................. funds to be legalized abroad................................................................ opportunities to launder money........................................................... mechanisms to detect and measure money laundering......................
j Write down the words which substitute the words in italics:
1 These types of illegal proceeds include more than those generated by organized crime............................... 2 These proceeds are sent abroad and those remaining in Russia are used-for operational expenses.................................................................................................................................................................... 3 These texts are different from those of the previous Section...........................................................................
k Write out the sentences in which the verbs are used in Continuous Tenses and explain the use of these tenses.
§ Suggested activities
l Write a plan and a title of the text. m Write a few sentences summing up the text. n Explain the term «gray money» in English.
Pre-reading question: Do you think that money laundering is in any way related to foreign trade transactions? Skim and scan: Read the text quickly and underline the sentence or sentences mentioning foreign organized crime groups operating in Russia. 
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