Combating illegal financial operations

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On 28 June 2013 the Russian President signed Federal Law No. 134-FZ amending a number of laws in relation to combating illegal financial operations.

The Law amended, in particular, the Law on Banks and Banking Activity, the Anti-Money Laundering Law, the Criminal Code and the Code of Administrative Offenses, the Law on State Registration of Legal Entities, the Bankruptcy Law, laws regarding certain financial organizations, and the Tax Code. Below is a summary of the key changes (save for those made to the Tax Code).

Expansion of the scope of controlling persons and measures aimed at combating money laundering

- The list of controlling organizations bearing a number of anti-money laundering duties was expanded to include non-state pension funds and cellular operators.

- Controlling organizations are now also obliged to:

—— take care to find out the purposes of business, financial standing and business reputation of their clients – legal entities...

Please see full alert below for more information.

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Topics:  Anti-Money Laundering, Financing, New Legislation, White Collar Crimes

Published In: Criminal Law Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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