For High Schoolers: Russia's International Financial Security Olympiad

Putin meets with the finalists

Here’s the Kremlin readout describing this event:

The International Financial Security Olympiad has been held annually since 2021 on the initiative of Rosfinmonitoring. The competition is attended by high school students and students, this year more than 500 students from 19 countries reached the final. In addition to individual tasks, the final stage program includes meetings with invited experts and potential employers, master classes, panel discussions, excursions and sports competitions.

Here’s what Wikipedia says about Rosfinmonitoring:

The Federal Financial Monitoring Service of the Russian Federation (Russian: Федеральная служба по финансовому мониторингу; Росфинмониторинг) (known as Rosfinmonitoring) is a Federal Service that was created by a decree of President Vladimir Putin of November 1, 2001, and aimed to collect and analyze information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. The organization also provides lists of people accused of terrorist or "extremist" activities and books.^[1]

From November 1, 2001, to March 9, 2004, it was called Financial Monitoring Committee (Russian: Комитет по финансовому мониторингу). It has been led by Viktor Zubkov from the very beginning.

Rosfinmonitoring is considered as Russia's main body for financial intelligence.

So, Russia’s financial intelligence gathering agency holds a contest open to international contestants. Here’s what it’s about from the Olympiad’s website:

Olympiad Goal

Enhancement of the information, financial and legal literacy of the younger generation, search for talented youth, stimulation of educational, cognitive and research activities in the field of financial security.

Tasks:

• Shaping of a new way of thinking and a new format of activity, identification of talented schoolers and students in the field of financial security.

• Creating conditions for an individual educational trajectory, promotion of the professional orientation for schoolers and students with the view of the human resources formation for the financial security system.

• Forming a unified educational and research space and, in the long term, creation of an information space in the field of financial security.

Olympiad Participants

• Bachelor, Specialist and Master’s students enrolled in higher education institutions of countries participating in the Olympiad.

• Schoolers of 8-10 grades studying in educational institutions of Russia.

The winners and prize-winners of the Olympiad receive benefits when applying to universities of the International Network AML/CFT Institute for Bachelor, Master and Postgraduate’s programmes under the Level I benefits of the Olympiad. They also have the opportunity to obtain an internship at Federal Financial Monitoring Service and other organisations.

If it sounds unique, that’s because it is, one of Putin’s brainchild’s in Russia’s quest to develop talent from its own population and from the many foreign students that study in Russia, primarily from BRICS+, SCO and EAEU nations, a listing is at the above link. The event is held at Russia’s Sirius University of Science and Technology that “was established by Talent and Success, an Educational Foundation, on behalf of the President of the Russian Federation, Chairman of the Board of Trustees Vladimir Vladimirovich Putin on July 1, 2019.” As readers will have learned from previous articles spotlighting Russia’s education methods and system, Putin’s been deeply involved in the expansion and further development of what was already an excellent educational system along with the many competitions like this one aimed at recognizing top talent that can be further developed and aided in their further education and employment. You’ll note as Putin talks to the competitors he addresses them as peers and is very open with them, which as some readers will have noted is Putin’s way. So, lets have him talk and then read the interaction between the president and the young people:

Vladimir Putin: Good afternoon, dear friends!

I am very happy to welcome you all to the final stage of the International Financial Security Olympiad. Here, in the hall, there are very young people-and they are engaged in such a serious issue as security and even financial.

This is the third time that these intellectual competitions are held in Sirius and bring together talented young people, schoolchildren and students. Every year, the geography of participants is steadily expanding, and I am very pleased with this: not only do contestants come from almost all regions of the Russian Federation, but also from foreign countries.

This practice of international communication, educational cooperation, and establishing friendly and partner contacts in such a significant and sensitive area is undoubtedly extremely important – especially now, when every year ensuring financial security becomes more important, complex, and complex, and without any exaggeration, a large-scale task, and its solution requires joint efforts and a high level training of specialists, and in a wide variety of fields.

You are well aware that the financial sector is rapidly developing advanced solutions and technologies: These are digital currency, digital financial assets, new payment services and financial settlement models, including those using blockchain technologies, the so-called distributed registry.

I would like to say once again that in this area, especially when it comes to international economic cooperation, mutual trust and respect for the interests of our partners and for each other's interests are extremely important. And if there is such a foundation, then modern, in fact, revolutionary technological approaches allow us to create a truly unique system of financial settlements, and if we look more broadly – an innovative infrastructure for global economic, trade, industrial and scientific cooperation.

And we already know the precedents of such joint work. So, one of the promising examples is a joint project of a number of central banks in Asia and the Middle East, which allows them to issue and exchange their digital currencies. That is, no third party simply has no opportunity to abuse or interfere with payments, including blocking, for example, a transaction, seizing accounts, or appropriating other people's money and assets. And this, unfortunately, happens in the modern world. There are very young people sitting here, but I can say that this is done by self-confident adults, uncles and aunts, who, apparently, are not very smart after all, if they commit such erroneous actions that ultimately go to their own detriment.

But I am sure that you yourself, as experts in financial security issues, are able not only to solve the most complex competitive problems, but also to offer your own, and creative, bold ideas that will really interest specialists who have been working in this field professionally for many years, and will help build a new, independent national and global financial architecture.

By the way, soon after our meeting, a meeting of the Valdai international discussion club is scheduled – there are still a lot of young people and schoolchildren here, but probably such a platform is known to many. Last year, at this site, we were discussing promising international financial platforms of the future, financial payment systems of the future, which are located outside national jurisdictions, and therefore safer, more reliable, and able to escape the power of certain world currencies, in particular, from the power of the dollar, and therefore from unfair external influence.

I would like to repeat once again: such mechanisms are already emerging and actively developing. The volume of mutual settlements between different states in national currencies is growing.

The world is gradually getting rid of the dictatorship of such a financial and economic model, the goal of which is only to drive into debt, into bondage, turn into economic colonies, and deprive entire regions of the world of resources for development.

I think you will agree that very few people will like this future. And that is why the process of building a multipolar world order - a more democratic, more honest and fair one for the majority of humanity-is simply unavoidable and historically necessary. This fully applies to the creation of solid economic foundations for such a world order.

Moreover, modern technologies provide fundamentally new opportunities for citizens and the business community, allow states to create and support public and financial institutions that reflect the new reality of a multipolar world, and develop more convenient and secure international payment systems.

At the same time, the spread of such technologies also poses qualitatively new challenges to prevent new threats. And this is a challenge, a practical task for all of us – and for you, for those people who are interested in this field of activity.

In this regard, participation in the Olympiad movement, of course, allows all of you to acquire skills that are in demand today and tomorrow in the field of information protection and countering cybercrime, and generally improve your level of financial and legal literacy.

The state, large corporations, small high – tech companies, and start-ups also need such experienced professionals – and I am sure that there are such professionals here, first of all, and many of them will certainly become such-at such a high level.

We will certainly provide all-round support here, and we will continue to develop the domestic education system based on the country's strategic interests, goals of achieving technological sovereignty, and leadership in key areas, so that we can train our own cadres, in this case, first of all, mathematicians, engineers – and programmers-people that no artificial intelligence can ever do without.

We will also help your teachers and mentors keep up with you, improve their skills and, of course, share best practices, implement effective, advanced training programs.

Such really modern and unique methods are being developed here, on the territory of Sirius, in the Sirius educational center. Teachers, mentors, leading scientists, and our high-tech Russian companies are directly involved in this important work.

I am referring, among other things, to a new pilot program in the field of information technology. It will allow high school students, if they wish, not only to master the full course of general education, but also to master the popular IT specialty at the same time.

I have no doubt that such educational models need to be further improved, and we will certainly replicate and develop them.

Each of you withstood serious competition at the qualifying stages, showed good preparation, but not only-but also showed character, of course, because without this, no competitions in any field can be won. This also applies to traditional sports, as well as to competition in general.

In competitions with worthy competitors, you perform non-standard tasks and test your knowledge at the intersection of economics, law, international relations, mathematics and computer science. In addition, you can personally meet and communicate, as they say, on an equal footing with experts in the field of financial security, take part in panel discussions and master classes.

I wish you to pass the final tests with dignity, make a convincing statement about yourself, your talent, and your professional potential. And I have no doubt that the atmosphere of the competition will give you strength and self-confidence, allow you to achieve good results in the final of these competitions, but also create good prospects for your future in your profession and in life.

I want to wish you every success.

Thank you for your attention.

Yu.Chikhanchin: Dear Vladimir Vladimirovich,

Thank you so much for taking the time and opportunity to meet the participants of the Olympiad.

A little more than three years ago, in one of our meetings, we raised the issue of holding just this Olympiad, and you supported it. And today, together with the Ministries of Education, the International Educational and Methodological Center, the Sirius Federal Territory ,and the Talent and Success Foundation, this project is being implemented – [and] with the support of industrial partners, in particular Promsvyazbank.

During these three years, we covered more than six million schoolchildren and students who took financial literacy classes and participated in various qualifying rounds.

It is not the first time that a number of participants of today's Olympiad have come here hoping to get a prize, and some of them have already won. But they still really like it.

More than 60 different events will be held during the Olympiad week. This includes the master classes you mentioned, as well as meetings with interesting people – you are just one of our leading speakers today. Of course, we will also consider various games and approaches to solving problems. Sports competitions are the main component here.

And in the end, the winners of the Olympiad will continue the tradition – they will continue to plant trees in the alley of the Olympiad.

The inter-Olympic movement is alive and well. Today, a number of countries have already begun to hold Olympiads similar to ours. It is very important. Today, a number of representatives of countries who are watching the Olympics have arrived to join us. Here, representatives of Saudi Arabia and Oman are our future participants, not to mention the fact that there are 19 countries here. This is very important, we only started at seven.

I would like to give the floor to one of the participants who is concerned about the problem you mentioned – financial security, and how it can be solved from the point of view of today through interaction mechanisms.

If I may, I will give the floor to Augusto, a student from Brazil.

:(as translated)A. Lemmerts Good morning, Vladimir Vladimirovich!

My name is Augusto, and I am a student at the Federal University of Rio de Janeiro.

First of all, I would like to say that we received a warm welcome in this beautiful city [Sochi], in this beautiful country.

I would like to emphasize the importance of having people from different countries here today. We have been here for many weeks and discussed issues such as financial crimes, financial terrorism, and financial fraud with the best specialists you could provide. We know that this may change in the international scenario. It is extremely important that we use our best ideas and our best tools for cooperation against the background of the fact that we are facing such an international challenge as international crime.

In view of transparency, the cooperation of young generations is important. Thank you.

Vladimir Putin: As I understand it, you don't have a question, but a suggestion – to transform this Olympiad into an international movement?

A. Lemmerz: Yes, we will be happy to come here. As I said, this is a beautiful country, a beautiful city. We received a warm welcome. We felt at home, as other students have already said. We would like to thank you all.

Vladimir Putin: You know, it's a good idea. Of course, we will certainly support everything related to this type of activity, because it is relevant not only for our country, but also for the whole world. And given the complex processes that are currently taking place in the world, building relations in one of the key areas of interaction, and on a broad basis – at the level of specialists who should do this – is extremely important. Therefore, I fully support your idea.

what is your name?

:(in English)A. Lemmerz It's Augusto.

Vladimir Putin: We will assume that Augusto's initiative has been supported. (In Portuguese) Muito obrigado.

:(in Russian)A. Lemmerz Thank you very much.

Vladimir Putin: So we will call it the "Augusto Initiative".

Yu.Chikhanchin: Okay, thank you. So it will be, we will write it down.

Vladimir Vladimirovich, during the Olympics, we conducted several surveys, including in this hall, and one of the questions was: what is the most valuable thing in your life? Surprisingly, 91.8 percent said " family." I doubt that such an answer would have been given in any European country.

I would like to say that an Olympic family has already formed here over the past few days.

I would like to give the floor to Ulyana from Russia. She just wanted to highlight the issue of the Olympic movement and the united family.

U. Kostyleva: Good afternoon!

As already mentioned, my name is Ulyana. I represent the Peoples ' Friendship University of Russia.

This is not my first time at this Olympiad. I am very happy and grateful to be here again, because every year the Olympics bring more and more vivid emotions and impressions.

It is very pleasant to see familiar faces among both participants and experts. And as a student-participant, I would like to say that it is very pleasant that many intellectual events are organized here, in which students not only from all over Russia, but also from other countries can cooperate together, discuss important problems, and come to new conclusions. Everyone here probably feels, let's just say, that they are not alone in their interest in this issue, and everyone feels part of this Olympiad movement, as you said.

In this regard, I have a small wish that this Olympic movement will expand and expand. And please help us organize more events for finalists and participants outside of the Sochi Olympics Week – so that we can also meet, see each other, keep in touch and also acquire our new skills and knowledge in the field of financial security during the year.

Thank you.

Vladimir Putin: Thank you.

First, the organizer and mastermind of the whole event [Yu.Chikhanchin], who just spoke, said that it is unlikely that somewhere in European countries the family would come out on top among values.

You know, first of all, I want to protect our friends – and we have many friends in Europe, too, because, yes, people who believe that traditional values, including family values, are dead, they behave very aggressively, especially in North America, in Europe. But there are quite a lot of people who share our views in European countries, I would say very much. They just keep their voices down and don't stick out their position. Therefore, I would not divide anyone here, but on the contrary, I would try to unite everyone on our platform.

Well, if, indeed, such events as this contribute to the achievement of the goals that we are currently talking about, then, of course, it would be advisable, you are right, to carry out this not in any short time frame, but over a long time, over the course of a year, gradually leading to that the event that you have gathered here for, to the final. Yes, you're right, we'll probably do our best, talk to the organizers, and ask them to support this idea. For my part, I will do my best to implement your suggestions.

Yu.Chikhanchin: Thank you very much, Vladimir Vladimirovich. If possible, a few more words from the audience.

Vladimir Putin: Please.

Yu.Chikhanchin: Vladimir Vladimirovich, there was a very active discussion of the fight against crime, but we are talking about financial security. One of the requirements is to create uniform rules of the game.

The representative of India, Gupta, wanted to express his position on how to approach this issue.

:(as translated)To.Gupta Good evening, greetings to all! I welcome you, Vladimir Vladimirovich!

I am a representative of India and represent the International Law University, and I believe that cyberthreats and cybercrimes are a global threat to humanity. We need to work together against this.

I believe that cybercriminals work in such a way that it becomes an international crime, the scale of cybercrime has reached such proportions. Now it is not only hacking, "phishing" and other means-there are all new techniques for fraud.

I believe that many countries tried to stop cybercrime, but they did not succeed, it is difficult for them to do this simply because there is no cooperation between countries and there are restrictions in jurisdiction.

For example, if criminals from country A target country B and transfer money to country C, there is no way to get that money back. It is very important to stop these crimes, so I believe that we need to cooperate, develop a number of universal agreements, as well as a universal law to combat and stop cybercrime.

thank you.

Vladimir Putin: Russia and India are linked by decades of friendship and cooperation, and what you just said, as you know, coincides with the historical trend that our countries are in. Because in this area we are very close or completely coincide. When I say "we", I mean Russia and India.

Several years ago, Russia submitted a proposal to the United Nations to create such an international legal system. And offered to sign an international treaty. Dozens of countries supported us. I very much hope that, despite all the difficulties of today in the international arena, we will eventually come to some kind of consensus, and we will not limit ourselves only to the interests of the countries that lead, so to speak, this financial "pyramid" today and who manage world currencies at their own discretion-that Actually, it is understandable, because it seems to be like their national currencies, but this does not correspond to the current interests of the vast majority of humanity.

And when these cybercrimes penetrate all spheres of activity in all countries, regardless of who and what position they occupy in the global financial system, then, of course, it is very important – despite all the contradictions that humanity faces today, to develop common approaches, because these are common threats. Here you are absolutely right.

We will try to implement all this, including, of course, counting on the support of the Government of your country. I know we have a very good, personal relationship with Prime Minister Modi. He is a very wise man, and India is developing very efficiently under his leadership. This is exactly in line with the interests of both India and Russia – the implementation of plans of this kind. We will work hard and will definitely achieve the results we need.

Thank you very much.

Yu.Chikhanchin: Thank you very much, Vladimir Vladimirovich.

Everyone came to the Olympics in their own way. But in order to unite all the guys – we discussed this topic with you, you gave a special assignment – we created a special information platform called Sodruzhestvo. It is developed by Promsvyazbank together with the International Network Institute, which includes the main leading Russian universities: MEPhI, Plekhanovka, Financial University, and foreign universities. This platform has already registered a large number of young people. They communicate, they gain knowledge, they work.

But I would now like to give the floor to the representative of Pakistan, Aeman – how she came to the Olympics.

:(as translated)But.Masood Hello!

Thank you so much for coming here today. My name is Aeman Masood and I represent Pakistan.

My experience at this Olympiad is just wonderful. This is a great opportunity. Many people don't understand this. It's a great honor to be here. This Olympics, it's just extraordinary, everything is great. When I first heard about this Olympiad, I was very interested because the emphasis is on financial interconnection, since my country, Pakistan, was excluded from the FATF. I wanted to know more about it, and here I am today.

It is very nice to see how everyone works here and makes sure that people of different ethnic backgrounds and different financial conditions can participate here. This allowed me to expand my global connections. So I thank you on behalf of Pakistan for this opportunity. Thank you, Russia.

Vladimir Putin: We are very pleased to hear – as I said in my opening remarks-that the geography of participants is expanding. If you find what you think you need here, it means that our goal has been achieved.

All the best to you. Thank you.

Yu.Chikhanchin: Thank you very much.

Vladimir Vladimirovich, can I have some more?

Vladimir Putin: Please, here is a young man raising his hand, and we will probably finish it.

Yu.Chikhanchin: Come on.

D.: Hello, Vladimir Vladimirovich!

My name is Dmitry, I am an information security specialist, I study in the city of Zelenograd, it is located in the city of Moscow, Zelenograd district of Moscow. I study at the Moscow Institute of Electronic Technology.

For my part, as an information security specialist, I would like to thank you very much. In 2022, you signed Decree No. 250, which ensured the cyber stability of our country and created a personnel reserve so that information security specialists really have an environment where they can show themselves professionally and hold positions, and ensure the security of our citizens. I just wanted to say thank you.

I have a dream that I wanted to voice. Recently, the rector of our university turned 65 years old, he received congratulations from you. On behalf of the entire student body of our university, I would like to invite you to join us. Our university is famous for its developments in the military-industrial complex, microelectronics, and also these developments are used in civil infrastructure. There are a lot of projects, ranging from the development of artificial organs to other large-scale projects. If you accept the invitation, we will be very happy to show you everything.

Vladimir Putin: Thank you. I will try. I wish you and your respectable educational institution every success. Thank you.

Yu.Chikhanchin: Dear guys, let's say a big thank you to Vladimir Vladimirovich for visiting us, for having a conversation with us. I think that in your life – this is the most important conversation about the most important things. Take care, keep this memory, and all success.

And let's wish success to our President.

Vladimir Putin: Thank you very much.

It was already said here at the beginning: you have already set your priorities in the value scale, and this is the most correct one.

All the best to you. Good luck to you.

The helping hand first the USSR and now Russia has given to the people of other nations to study often at USSR/Russia’s expense is a form of very effective soft power which other nations try to mimic. The only way to judge the effectiveness of Putin’s education policies is to look at them 10-20 years from now for they’re aimed at building Russia’s future, while also aiding the present. Such policies are the foundation of a political-economic philosophy of People Centered Development where developing a nation’s human capital to fuel all other development is the key to overall national success regardless the nation’s size or level of natural resources. Needless to say, that isn’t the aim of Neoliberal captured nations where the aim is to exploit people, not enhance their wellbeing and that of the nation.

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