Alinga Consulting Group
Business Support & Consulting
Financial Transactions Of Foreign Public Officials Will Receive Additional Attention
The President signed the Federal Law introducing changes to the Articles 5 and 7 of the Federal Law “On Counteracting Terrorist Financing and the Legalization (Money Laundering) of the Proceeds from Crime.” The document aims at bringing the federal legislation into compliance with Russia’s international obligations in fighting corruption.
The law expands the list of organizations involved in cash transactions and must take measures against possible money laundering and terrorist financing, by including in that list commercial organizations who sign contracts to finance cash claim transfers by acting as fiscal agents.
The law also includes provisions for additional measures for strengthening control in regards to foreign public officials. It establishes special control over financial transfers to/from foreign political figures, including a demand to accompany financial transactions with information about the sender of the payment. The law specifies a list of obligatory measures for organizations performing financial transfers with these persons, members of their families, their close partners or accounts managed on thier behalf, including an obligation to keep full and valid information about the person initiating the payment (payee) at all stages of the transfer.
Questions? Ask Alinga's Experts!