New draft law on amendments to the law aimed at combating money laundering may oblige banks to reveal information about the ultimate owners of foreign trusts
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New draft law on amendments to the law aimed at combating money laundering may oblige banks to reveal information about the ultimate owners of foreign trusts

Federal Service for Financial Monitoring developed a new draft law "On Amendments to the Federal Law 115-FZ " Concerning the Counteraction of the Legitimization of Proceeds of Crime and the Financing of Terrorism", which may oblige banks to reveal information about foreign legal entities (trusts and similar entities established in accordance with the laws of a foreign country) and their beneficial owners.

The draft law is aimed at filling the gaps in the Russian legislation concerning the regulation of relations between Russian banks and legal entities established under the laws of foreign countries and are not legal entities in Russia. The law requires banks to make it mandatory to received information about foreign legal entities and their beneficial owners when undertaking to service and during the whole period of service with banks. With respect to foreign legal entities a name, a place of state registration and an address of a location, as well as an information on the ownership structure will be founded out.

According to experts, initiation of the above amendments by the Federal Service for Financial Monitoring, is basically due to absence of foreign legal entities among objects of enforcement of anti-money laundering measures, as well as information about probability of use of the services of such companies by corrupted officials.

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