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Vladimir Putin submitted to the State Duma Draft Federal Constitutional Law On Amendments to Article 11 of the Federal Constitutional Law On the Government of the Russian Federation and Draft Federal Law On Prohibiting Certain Categories of Individuals to Open and Operate Accounts (Deposits) or to Keep Money in Foreign Banks Located Outside the Russian Federation, and to Own Foreign Securities.
The first draft law states that the Prime Minister, deputy prime ministers and federal ministers, as well as their spouses and underage children are not entitled to open and operate accounts or keep money in foreign banks located outside Russia, or to own government securities of foreign states, or bonds or shares of other foreign issuers.
The draft law also states that control over compliance with the ban by the above persons shall be stipulated by presidential executive orders.
The second draft law extends the ban to all persons whose professional obligations include decisions on sovereignty and national security issues, as well as their spouses and underage children. The draft law is aimed at implementing the relevant provisions contained in the Presidential Address to the Federal Assembly of December 12, 2012
The ban is imposed in order to ensure the national security of the Russian Federation, regulate lobbying activity, increase investment in the national economy and improve the effectiveness of anti-corruption measures.
This ban applies to persons holding public offices of the Russian Federation and Russian regions, deputies of the Prosecutor General, members of the Central Bank Board of Directors, positions in state corporations (companies), foundations and other organisations appointments to and dismissals from which are made by the President, the Government or the Prosecutor General. The ban also applies to the spouses and underage children of such persons.
In accordance with federal constitutional laws and federal laws on the legal status of the person concerned, violations of the ban by the individual, his/her spouse or underage children shall lead to the early termination of mandate of a member of the Federation Council, State Duma deputy, a federal judge, a member of a regional legislative body due to loss of confidence.
The draft law stipulates the procedure and time limits for relevant investigations and involves adopting amendments to a number of legislative acts.
The measures stipulated by the draft law comply with the recommendations of the Financial Action Task Force on Money Laundering (FATF) and are consistent with the legal standards imposed by Federal Law On Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Adoption of Federal Law On Monitoring Correspondence between Spending and Incomes of State Officials and Other Individuals of December 3, 2012.
February 12, 2013