The interference contribution to the optical conductance (total transmittance) of a sample of a disordered Faraday medium is calculated. The suppression of wave interference in a magnetic field is shown to be due to helicity-flip scattering events. The magnetic field does not destroy the interference of waves with a given helicity, but suppresses it if the helicity changes along different parts of the wave trajectory. This leads to a decrease in the interference contribution to the conductance with increasing the magnetic field. A similar phenomenon, negative magnetoresistance, is known as a consequence of weak localization of electrons in metals with impurities. It is found that, as the magnetic field increases, the change in the interference correction to the optical conductance tends to a certain limiting value, which depends on the ratio of the transport mean free path to the helicity-flip scattering mean free path. We also discuss the possibility of controlling the transition to the regime of strong “Anderson” localization in the quasi-one-dimensional case by means of the field.