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Russian lawmakers plan to adopt capital amnesty law in first reading

MOSCOW, May 13. /TASS/. Russia’s lower house of parliament, the State Duma, plans to consider in the first reading on Wednesday draft capital amnesty law introduced by the government and recommended for adoption by the committee on budget and taxes.

Russian Deputy Finance Minister Sergey Shatalov said earlier the adoption of the draft law in three readings and its signing by the president was expected by June 15.

The capital amnesty bill would legalize the property that was previously hidden, one would need to submit a special declaration to the tax authorities. Thus, it would be possible to register any property: articles, movable and immovable property, money, securities and property rights.

"The draft law is aimed at creating a simple, understandable and light from the economic point of view mechanism for voluntary declaration of property and accounts [deposit accounts] at banks, ensuring legal guarantees of preservation of capital and property of individuals, and protecting their property interests, including outside of the Russian Federation," an explanatory note to the document reads.

The text of the draft law has been agreed with the Financial Action Task Force on Money Laundering, an intergovernmental organisation established by the G7 group of countries in 1989 to develop policies to combat money laundering.

The so-called "amnesty of capitals" was announced by Russian President Vladimir Putin in his address in December 2014.

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