Putin introduces bill allowing Central bank to look for foreign accounts of Russian officials

On Wednesday, October 24, Russian President Vladimir Putin submitted a bill to the State Duma allowing General Prosecutor’s Office to work with the authorities of foreign countries to verify compliance with anti-corruption restrictions against Russian officials. The decree was published on the Russian Duma electronic database website.

Russian legislation prohibits high-ranking deputies, civil servants, officials and senators from opening and holding accounts and deposits in foreign banks, or from owning and using foreign financial instruments, including securities of foreign companies.

The introduced bill will allow the Prosecutor General's Office of the Russian Federation to seek assistance from the Central Bank of Russia, which, in turn, will send inquiries regarding foreign accounts of Russian officials to foreign financial authorities. The Central Bank will be required to provide the received information to the Russian Prosecutor General’s Office.

The bill is to come into force six months after its publication.

  Russia, Putin, State Duma