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. Last Updated: 07/27/2016

Putin Vows Fight on Terror Cash

President Vladimir Putin vowed Monday that Russia was ready to pool efforts with Europe to cut off the funding channels that terrorists use to finance their operations.

"Russia is prepared to join with Europe in fighting illegal financing and networks that sustain terrorists," Putin said at the opening of the fifth congress of the European Organization of Supreme Audit Institutions.

Making it difficult for terrorists to secure funding was one of the anti-terrorism goals outlined by Putin and U.S. President George W. Bush during their summit over the weekend.

Russia will create a special agency for detecting and fighting money laundering, including that of money used by terrorist groups, Interior Minister Boris Gryzlov was quoted by Itar-Tass as saying Monday.

Audit Chamber head Sergei Stepashin said Russia is now in a good position to tackle financial crimes.

Russia has a new law against money laundering and a new Financial Monitoring Committee to "track down dubious financial transactions," he said.

He also said that one of Russia's upcoming priorities would be to fully adopt international methods of bookkeeping and financial accounting.

"This switchover ... will make the Russian economy more transparent," Itar-Tass quoted Stepashin as saying.

Stepashin now takes over the presidency of the European Organization of Supreme Audit Institutions from France's Francois Logerot.