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The President signed Federal Law On Amending Articles 3.5 and 15.25 of the Russian Federation’s Administrative Offences Code and Articles 12 and 23 of Federal Law On Currency Regulation and Currency Control.
The Federal Law provides individual residents the right to submit money received from non-residents as a result of dispossession of domestic securities to accounts opened in banks located in member states of the Organisation for Economic Cooperation and Development or Financial Action Task Force on Money Laundering.
Individual residents are also exempt from the obligation to provide substantiating bank documents together with reports on the transfer of funds in accounts (deposits) at banks outside Russian territory.
The Federal Law introduces administrative liability for violating the Russian Federation’s currency legislation by individual residents, particularly for non-compliance with procedures to submit reports on the transfer of funds to accounts (deposits) at banks outside the Russian Federation’s territory.
November 28, 2015