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President signs law banning officials from keeping accounts in foreign banks

May 08, 2013, 12:22 UTC+3

The ban may apply also to other persons in cases specified by federal laws

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MOSCOW, May 8 (Itar-Tass) - Russian President Vladimir Putin has signed the law banning officials from keeping accounts in foreign banks, the Kremlin official website said.

The federal law banning some categories of persons from opening and having accounts (deposits), keeping cash and valuables in foreign banks outside the Russian Federation’s territory and owning and using foreign financial instruments was adopted by the State Duma on April 24 and approved by the Federation Council on April 27.

The ban is imposed with the aim to ensure national security, control lobby activities, enlarge investing of funds in national economy and improve the anti-corruption work efficiency. The ban applies to persons who in service take decisions relating to sovereignty and national security of the country. Among the persons are officials at state posts, deputies to the prosecutor-general, members of the Central Bank board of directors, at state posts in regions, deputies to heads of federal executive authorities, at posts of federal state service, in state-run corporations, funds and other organizations set up in accordance with federal laws, appointed to the posts by president, government and prosecutor-general. Heads of municipal districts, wives and underage children are also banned from keeping accounts in foreign banks.

The ban may apply also to other persons in cases specified by federal laws.

Violation of the ban by a person, a wife (husband) or underage children will lead to early termination of powers of the person (a member of the Federation Council, a member of the State Duma, a federal judge, a deputy of a regional legislature or a representative body) and removing from any other post in connection with the loss of confidence, the presidential administration’s legal department said in an explanatory note.

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