Legal framework for FATCA in the Russian Federation

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Special Alert: On 30 June 2014 Law No. 173-FZ “On specifics of financial operations with foreign citizens and legal entities, on amendments to the Code of the Russian Federation on Administrative Offences (…)” dated 28 June 2014 (the “Law”) entered into force.

The Law establishes the legal framework for Russian financial institutions to comply with reporting obligations imposed by the U.S. Foreign Account Tax Compliance Act (known as FATCA).

The Law does not expressly mention FATCA, but refers to “foreign states’ laws on foreign account taxations that are in effect when the Law enters into force”. As on 30 June 2014 FATCA was the only such “foreign law”.

Please see full Special Alert below for more information.

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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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