Mr Ignatiev, who is expected to step down in June after 11 years at the helm of the central bank, also highlighted the prevalence of what are known in Russia as "one-day companies" used as conduits for money transfers that then vanish before paying taxes.
Las Vegas Sands has stopped executing international money transfers for high rollers and is boosting efforts to fight money laundering, as it faces scrutiny from regulators.
They still make money data transfers for those messages, but nowhere near as much as they once did with traditional texts.
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After graduation Citibank offered him a job creating software for measuring the productivity of international money transfers.
Digital-only purists would still get something out of the deal, as the update could also bring person-to-person money transfers and support for mass transit cards.
Mr Ignatiev told a Russian newspaper that the money transfers could have been used to pay for supplies of narcotics, bribes and avoiding taxes.
For richer nations "if a company avoids tax or transfers the money to offshore account what they lose is revenues", Mr Annan said.
In addition to facilitating global low-cost money transfers to over 200 countries, the EU subsidiary is focusing on payout solutions for international corporates, multi-level marketing companies, and affiliate networks.
Indeed, the Office for National Statistics, which calculates the national accounts, will not decide how it is going to treat these money transfers until next month, and the OBR points out that its forecasts could be affected by its decision.
Electronic fund transfers with the ability to move trillions of dollars with a little pointing and clicking provide a vehicle for money laundering, making it difficult if not impossible to determine who actually owns what.
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