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The President signed Federal Law On Amending Article 7 of Federal Law On Countering Legalisation (Laundering) of Proceeds From Crime and Financing Terrorism.
The Federal Law is aimed at implementing recommendations from the Financial Action Task Force on Money Laundering (FATF) within Russian legislation pertaining to identifying clients and beneficiary owners of organisations engaged in purchasing and selling precious metals and precious stones, jewellery made from said materials and scrapping of said materials, with the exception of religious organisations, museums and organisations using precious metals and their chemical compounds, and precious stones for medical or research purposes or as parts of instruments, devices, equipment and technical or industrial products.
The Federal Law establishes the threshold values below which identification of clients and beneficiary owners is not required when individuals buy jewellery, precious metals and precious stones.
December 30, 2015