Tuesday, August 20, 2013

Russian Officials Now Prohibited From Having Foreign Bank Accounts

Senior Russian officials, including lawmakers, judges and the heads of state corporations, as well as their spouses and underage children, are no longer allowed to keep their money in foreign bank accounts or financial instruments abroad as of Monday. The legislation, initiated by the Kremlin to “nationalize elites” and deter corruption, originally envisioned a ban on owning any assets abroad, but the bill was softened in parliament to allow ownership of foreign real estate. The law came into force in early May, but officials were given three months to get rid of the respective assets or resign. The only penalty for incompliance is relinquishing one’s post.


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