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Introduction of legislative amendments aiming to fight corruption among officials

March 6, 2022

Vladimir Putin signed Federal Law On Amendments to Article 26 of the Federal Law On Banks and Banking Activities and to Federal Law On Countering Corruption.

The Federal Law was drafted in execution of Clause 17(a) of the National Anti-Corruption Plan for 2018–2020.

The Federal Law sets forth a mechanism making it possible to forfeit in favour of the Russian Federation the funds received on accounts with banks or other credit institutions of an individual who holds a position that requires him or her to provide information on incomes, assets and liabilities. The same concerns an individual who held such a position and who resigned prior to verifying the authenticity and completeness of the above-mentioned information. Both provisions shall apply if the sum total of such funds exceeds the overall incomes of the above-mentioned individuals during the reporting period and over two preceding years, and if authentic information confirming the legality of obtaining these funds has not been submitted with regard to them.

March 6, 2022