The State Duma passed the bill on combating illegal financial transactions

The State Duma passed the bill on combating illegal financial transactions

The State Duma adopted in the second reading the draft bill "On amendments to some legislative acts of the Russian Federation in terms of combating illegal financial transactions," which, according to experts, can greatly complicate the life of  businessmen, the newspaper "Kommersant" said.

The bill is aimed to bring the legislation of the Russian legislation on the prevention and combating laundering of illegally obtained money, in compliance with the FATF (Financial Action Task Force on Money-laundering).

The bill proposes the article 86 of the Tax Code to be amended. Changes aimed at possibility for tax authorities to get information on accounts and deposits of individuals, as well as on the cash balances on accounts and deposits, which will be requested by the tax authorities only with the consent of the head of the regional office of the  Russian Federal Tax Service or the head or deputy head of the Russian Tax Service. Such request will be made if a tax inspection is conducted in case of a taxpayer gets under the interest of the Russian Federal Tax Service. According to the lawmakers, such conditions will make it impossible for tax service clerks to get information on accounts.

Amendments providing strengthening obligation of a taxpayer to take the organization tax returns via the Internet, thereby ensuring the receipt of the documents from the tax authorities in electronic form. Within six days the organization will be obliged to confirm the receipt of electronic documents from tax authorities. In case the electronic receipt is not received by the tax ahorities 10 days after the end of the check date, the accounts of the organization will be blocked.

The bill proposes the article 193 of the Criminal Code of the Russian Federation to be amended as regards criminal responsibility for non-return of foreign earnings to be mandatory credited to the account with a Russian bank. Thus, for non-return of 30 million rubles a guilty person will be sentenced to five years in prison. To divide the amount of transfer into a few small parts will not be possible because the amount of transactions made during the year will be counted and summed up accordingly. The same punishment is imposed for a less amount in case willful false documents or fly-by-night companies are used.

The bill also proposes to return to the Criminal Code the article "Contraband." As a punishment for illegal movement of cash in rubles or in foreign currency or traveler's checks or foreign or internal securities, a penalty or restraint or compulsory labor for up to 4 years imposed.

Amendments to the Code of Administrative Offences of the Russian Federation to be effected. Thus, the failure to provide information on movements on foreign accounts will be punished by imposing a penalty for up to 600 thousand rubles.

Among other changes some amendments will be introduced in the Federal Law “Concerning the Counteraction of the Legitimization of the Proceeds of Crime and the Financing of Terrorism." The notion of "the beneficial (real) owner" will be introduced. Banks will be obliged to determine the whole chain of owners brought money to a bank, and the customers will be obliged to provide a bank with the information on a beneficiary owner. Moreover, when there is a doubt in purity of funds banks will do whatever in their discretion can be done with the account, the account can be closed or opened.  

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