This article presents a short legal analysis of the financial monitoring system in the Russian Federation. The existing financial monitoring system is reviewed in its institutional and functional aspects. The main task of the author was to present the composition and the structure of the financial monitoring system and to describe the basic measures applied by the subjects of financial monitoring in order to counteract the legalisation of the incomes received by illegal means and financing of the terrorism. The author describes in detail the legal status of the Russian division of financial investigation - The Federal Financial Monitoring Service and its primary goals and functions. The article also provides a short description of the legal responsibility imposed for violation of the law in the field of money laundering and financing of terrorism. In the conclusion of the article, the author indicates a number of the basic tendencies of the development of the financial monitoring system in Russia and the legal questions that should be solved by the Russian legislator in the field of the legal regulation of financial monitoring in the Russian Federation.