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Amendments to legislation on combating legalisation of proceeds from crime and financing of terrorism

June 23, 2016

The President has signed the Federal Law On Amending the Federal Law on Combating Legalisation of Proceeds from Crime (Money Laundering) and Financing of Terrorism, and the Code of Administrative Offences.

The Federal law is designed to increase the transparency of the activity of legal entities and reduce the risk of their involvement in illegal activities, including those related to the legalisation of proceeds from crime and the financing of terrorism.

The law makes it binding on a legal entity to have information about its beneficiary owners, store and regularly update this information and provide it at the request of an authorised agency (Federal Financial Monitoring Service), tax agencies or another federal executive government body authorised by the Russian Government.

In addition, the law institutes administrative liability for a legal entity’s failure to meet these obligations.

June 23, 2016