Russia brings in Foreign Accounts Information Law
July 31st, 2012 - 12:33 am ICT by IANSMoscow, July 30 (IANS/RIA Novosti) Russian citizens, failing to inform the tax agencies about their foreign banking accounts, can now be penalised with President Vladimir Putin Monday signing a law for this purpose.
Russian citizens failing to inform the country’s tax agencies after having opened or closed a bank account abroad, or about changes in a foreign account’s particulars, face fines from 4,000 to 5,000 rubles (up to $155), the state pravo.gov.ru website said.
According to the law, government officials will be fined from 40,000 to 50,000 rubles (up to $1,500) for offences, while companies will be fined from 800,000 rubles to one million rubles (up to $31,000) for violations.
The Russian tax agencies must be informed of all operations with clients’ accounts in banks located in Organisation for Economic Cooperation and Development (OECD) states, or in states participating in the Financial Action Task Force on Money Laundering group, says the law.
–IANS/RIA Novosti
sd/vd
- Russian jailed in US for bank fraud - Mar 25, 2012
- Gay activists fined in Russia - Apr 25, 2012
- Russian cop fined 200 times the bribe taken - Feb 02, 2012
- Putin's presidential campaign goes online - Jan 12, 2012
- Defamation can cost $160,000 in Russia - Jul 30, 2012
- Russian interior ministry orders new drones - Apr 05, 2012
- Russian parliament approves heavy fines for protestors - Jun 05, 2012
- Russian city to slap fine for promoting homosexuality - Feb 03, 2012
- Fans want Michael Jackson monument in Moscow - Aug 30, 2012
- Russian gays plead for end to crackdown - Dec 02, 2011
- Madonna should be denied Russian visa: Theologian - Apr 06, 2012
- Russian gay rights activist fined under new law - May 05, 2012
- Russian teenager attempts 'bank robbery' for suicide - Sep 07, 2012
- Russia may raise duties on beer - Aug 01, 2012
- Syrians held in Russia for poaching rare birds - Aug 09, 2012
Tags: banking accounts, banks, development oecd, economic cooperation, financial action task force, government officials, information law, money laundering group, moscow, one million, organisation for economic cooperation and development, particulars, pravo, president vladimir putin, ria novosti, rubles, russian citizens, russian tax, vd, vladimir putin