The Federation Council recognized the possibility of increasing responsibility for illegal activities of microfinance organizations (MFOs) in Russia. This was stated by the Speaker of the Federation Council Valentina Matvienko. TASS.
According to him, the most violations against citizens occur in this “grey” sector.
“Unfortunately, illegal MFOs continue to operate. This is the gray area where the most serious violations against our citizens occur. Law enforcement agencies must take strict punitive measures based on the adopted laws, Matvienko said.
“We will see, maybe we will strengthen these measures against the illegal operation of such MFOs,” said the Minister, noting that he instructed the relevant committee of the Federation Council to work on tightening controls in this area.
Before that Valentina Matvienko suggested The Central Bank will ban the activities of all microfinance institutions in Russia, but the head of the Central Bank of Russia, Elvira Nabiullina, warned that such a move would lead to a shift towards the illegal sector, which would harm citizens.
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