Select font Arial Times New Roman
Character spacing (Kerning): Standard Medium Large
News /
Vladimir Putin signed Federal Law On Monitoring Correspondence between Spending and Incomes of State Officials and Other Individuals. The Law was passed by the State Duma on November 23, 2012, and approved by the Federal Council on November 28, 2012.
As part of anti-corruption efforts, the law sets out the legal and organisational basis for monitoring correspondence between spending of individuals holding state offices of the Russian Federation, state offices of federal constituent entities, municipal offices, federal public service offices at various levels and certain offices in organisations established to perform state management functions (state corporations, pension funds, etc.), spending by their spouses and minor children, and the overall incomes of such officials and their spouses for the last three years preceding the deal.
The law defines the list of people subject to such monitoring, sets out the relevant monitoring procedures and defines the mechanism for transferring to state revenue assets not proven to have been legally acquired. The law obliges the individuals listed to file information regarding their spending as well as spending by their spouses and minor children, pertaining to the acquisition of land, other real estate, means of transportation, securities, stocks, and information on the sources of the money thus spent.
Corresponding amendments have been made to certain legislative acts of the Russian Federation. In particular, amendments have been made to the Federal Law On Combating Legalisation (Laundering) of the Proceeds of Crime and Financing of Terrorism, in order to fulfil Russia’s international obligations.
December 4, 2012