Draft law prohibiting public officials from having foreign accounts passed the third reading

Draft law prohibiting public officials from having foreign accounts passed the third reading

On 12 December 2014 deputies of the RF State Duma adopted in the third reading the draft federal law #552755-6 “On Amendments to Certain Legislative Acts of the Russian Federation on combating corruption.”

According to the draft law, public officials serving in federal public service, in the Central Bank of the RF, in state-owned corporations (companies), in foundations and other organizations including those officials who participates in the development of solutions involving issues of sovereignty and national security are prohibited from opening and holding bank accounts (deposits) with any foreign banks.

The draft law requires the certain categories of public officials (and their families members) to annually and in a timely manner deliver information on their income, assets and liabilities, as well as information about the source of funds, at the expense of which deals were carried out, if the total deal value exceeds an aggregate family income for the last three years.

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