Civil servants were forbidden to use foreign financial instruments – REGNUM

Moscow, 14 December 2016, 11:26 — REGNUM, the state Duma adopted in the third final reading the law, clarifying the concept of foreign financial instruments the possession and use of which is prohibited by the civil servant, the correspondent of REGNUM on December 14. The law was initiated by the government of the Russian Federation pursuant to the National plan for countering corruption, it applies to all categories of citizens, who are forbidden to have accounts abroad.

For a number of categories of persons, there is now a ban on the use of foreign financial instruments, these include government officials, senior officials of the Prosecutor General, the heads of the Bank of Russia, and so on. The act eliminates the uncertainty about what is considered a foreign financial instruments.

According to the law, such financial instruments include securities that were issued in foreign countries or where issuers are located in the territory of foreign States (or, if such securities rated code of the international classification). It also shares and shares in Charter capital of foreign organizations and agreements which are derivative financial instruments if one of the parties to such a Treaty — a legal entity or natural persons registered in a foreign country. It is also about the prohibition of any property trust established under the laws of another country, loan contracts, if at least one of the parties to such loan shall be a person with the place of registration, residence or seat abroad, as well as some other tools.

Officials are prohibited to own these instruments directly and indirectly through third parties. the third parties can be understood including former spouses and other trusted people — in the case that actually manages and generates revenue officer or his close relative, which is prohibited.

the Law prohibiting civil servants to hold foreign financial instruments was adopted in 2013. Initially the document assumed that all civil servants are prohibited “financial instruments, including securities, shares, bonds, Depository receipts, Fund units, options, futures, swaps”.

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