The
need and usefulness of credit cooperatives is no doubt, however, given
that credit institutions and credit cooperatives operating in the same
niche, with the same category of customers - the public, we believe that
regulation of credit cooperatives should be done in a single bank system subject to compulsory licensing, and regulations as the banking and special cooperative laws. This
need is caused by the fact that the lending and saving money by credit
cooperatives were outside government control outside the laws to ensure
the financial security of the state, and is a set of measures to combat
the laundering of proceeds of crime. Thus,
in accordance with the Federal Law of 07.08.2001 N 115-FZ "On
counteraction to legalization (laundering) of proceeds from crime and
terrorist financing" mandatory control operations to be given or
received a credit (loan), if the amount they equal to or greater than 600 thousand rubles. or equal to the amount in foreign currency equivalent to 600 thousand rubles., or exceeds it. At
the same time, credit cooperatives are not included by the Law on
Anti-Money in the list of organizations that identify transactions that
require monitoring. Thus,
the risk of money laundering and terrorist financing in the event of
increased osyschestvleniya outside the banking system a large amount of
operations to provide credit cooperatives loans (loans) or received by
members of credit cooperatives, with the regulatory authorities do not
have a clue about such transactions. From the above it is clear that the legal process of credit cooperatives have a banking nature.
Credit Union
