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Putin says will follow closely implementation of “offshore amnesty” law

December 05, 2014, 15:06 UTC+3
On December 4, Russian President Vladimir Putin announced the initiative of full amnesty for the capital exported from the country if the capital is returned to Russia
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© TASS/Nikolai Galkin

MOSCOW, December 5. /TASS/. Russian President Vladimir Putin said he will follow closely the implementation of the “offshore amnesty” law.

On Thursday, in his state of the nation address, Putin announced the initiative of full amnesty for the capital exported from the country if the capital is returned to Russia. “I propose carrying out full amnesty of capital returning to Russia, precisely an all-out amnesty,” Putin said in his state of the nation address.

“And, of course, we need to explain to people who should take corresponding decisions what full amnesty means,” Putin said.

“This means that if an individual legalizes his funds and property in Russia, he will receive firm and legal guarantees that he will not be summoned to various bodies, including law-enforcement agencies, will not be ‘questioned’ there and will not be asked about the sources and the methods of gaining capital and he will not face criminal or administrative prosecution while tax and law-enforcement agencies will not have questions about him,” Putin said.

“Let’s do this but only once,” Putin said, recommending all persons wishing to come to Russia to do so.

Russia’s Central Bank reports that several past years the capital outflow by the private sector was between $45 billion and $90 billion a year. In 2015, the Ministry of Economic Development said, the capital outflow may be above $100 billion.

In adverse conditions, Russia puts emphasis on freedom of enterprise, and not on government control, Putin added.

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