According to a draft bill introduced to the State Duma on December 28 2015 by the Federal Service for Fiscal Monitoring, legal entities will be obliged to maintain, document and disclose information on their beneficiaries and measures instigated by beneficiaries upon the request of authorised bodies (as defined by the government).
The draft bill is prepared in accordance with Financial Action Task Force Recommendation 24, which requires that member countries take measures to prevent the misuse of legal persons for money laundering or terrorist financing.
The bill obliges companies to record such information, store it for five years and update it annually.
Violations of this responsibility will incur an administrative penalty of Rb100,000 to Rb500,000 for companies and Rb30,000 to Rb40,000 for company directors.
Liability disclaimers must provide for reasonable and accessible measures to determine company beneficiaries.
For further information on this topic please contact Anna Fufurina or Alexander Titov at Noerr by telephone (+7 495 799 56 96) or email (firstname.lastname@example.org or email@example.com). The Noerr website can be accessed at www.noerr.com.
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