Russian President Vladimir Putin has signed a law on Monday imposing fines for citizens failing to inform the tax agencies about their operations with foreign banking accounts, the state pravo.gov.ru website said.
Russian citizens failing to inform the country’s tax agencies that they have opened or closed a bank account abroad, or about changes in a foreign account’s particulars, face fines from 4,000 to 5,000 rubles (from $124 to $155).
Government officials will be fined from 40,000 to 50,000 rubles (from $1,243 to $1,553) for offences, while companies will be fined from 800,000 rubles to one million rubles (from $24,852 to $31,066) for violations, according to the law.
The Russian tax agencies must be informed of all operations with clients’ accounts in banks located in Organization for Economic Cooperation and Development (OECD) states, or in states participating in the Financial Action Task Force on Money Laundering group, the law says.