MOSCOW, July 1 (RAPSI) - President Vladimir Putin has signed the law prohibiting illegal financial transactions adopted by the State Duma on June 11, the Prime business news agency reports. 

The document has been published on the government's legal information website.

The law gives the Federal Tax Service access to the bank accounts of private individuals. 

The parliament was divided over the provision, but the financial authorities said it is consistent with the recommendations of international organizations, including the FATF and G20. 

The law does not allow banks to provide information about account activity or balances without tax inspections or substantiated requests.

The tax authorities will also have the right to file requests with courts to order company founders and owners to compensate budget losses if it is proved that they ordered their company's financial officers to evade taxes. 

The law also has a clause whereby secondary liability may be collected from the personal assets of company managers and owners. If the debtor's bankruptcy is due to the actions of its head, these people will be liable with their own assets if the company's assets are not sufficient to meet its liabilities. 

The law also permits the blocking of non-cash assets, uncertified securities and property of both private individuals and legal entities who are suspected of terrorism or financing terrorism.