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Russia's illegal loan companies twice more in 2016

Xinhua, March 2, 2017 Adjust font size:

The number of Russian companies, which lend illegally, doubled in 2016 from the previous year, a local newspaper reported on Thursday.

Newspaper "Izvestia" cited the Russian Central Bank as saying that 965

illegal creditors were revealed in 2016, while the figure was 430 in 2015.

"Our actions are aimed to create the effective conditions, which will be useful measures of punishment for illegal organizations and employees who have worked for them," the central bank said in a press release.

"The development of cooperation between Central Bank of Russia and the Prosecutor General's Office of the Russian Federation will assist in getting the quickest and the best solution," it said.

Russia has laws and rules to punish those involved in illegal banking activities.

Last month, Russia's Prosecutor General Yury Chaika and central bank head Elvira Nabiullina signed a new agreement to strengthen cooperation, which aimed to crack down illegal creditor companies and laundering of illegal income. Endi