Russia tightens control over money transfers from abroad

Russia lower chamber (State Duma) of parliament has adopted in the third, final reading a bill that introduces a procedure for monitoring all money transfers, if they are made from a state included in a special closed list of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), BBC’s Russian Service says.   Russian banks have reportedly opposed this decision. 

Transfers of any amount sent to both legal entities and physical persons will be monitored.

The bill also cancels the minimum threshold of 100,000 Russian rubles (RR) while monitoring all transactions made in favor of non-commercial organizations (NCOs).

An exception is made for companies with public participation, companies under public law, consumer cooperatives, state-run (municipal) educational facilities and some other legal entities.

Amendments offered to the anti-money laundering law were presented by Vasiliy Piskaryov, the head of the State Duma Committee on Security and Combating Corruption.

“It is necessary to ensure the transparency of the activities of NCOs, since we can see how much money they spent, but we do not know how much money they received,” Piskaryov noted.

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