Russia's plan to combat money laundering

RUSSIA - The Russian government has announced it plans to set up a financial watchdog as part of a broader effort to cut out financial crime.

The new financial monitoring commission will open for business on 1 February, with Viktor Zubkov, currently chief tax inspector for the St. Petersburg region, in charge.

The commission will be under government control, sparking criticism from those that believe that for it to be truly effective, it would need to be independent.

Russia has faced pressure