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Putin signs bill banning foreign bank accounts for cabinet ministers

18:03 07/05/2013

MOSCOW, May 7 (RAPSI) - President Vladimir Putin has signed a bill prohibiting cabinet ministers and their family members from possessing foreign bank accounts and bonds abroad.

The corresponding document has been submitted to a pool of regulatory and executive orders.

The bill was passed by the upper house of parliament In April. The restrictions apply to ministers as well as their spouses and underage children.
Cabinet ministers are also prohibited from using financial tools abroad. This concerns not only securities, but also derivative financial instruments, such as futures trading, forward and option contracts and swaps.

The president is to establish the procedure for controlling the execution of the law.

The upper house approved the bill in April along with another bill with the same effect which has a broader scope. It encompasses top government officials appointed by the president, lawmakers of both houses and judges. The restrictions also apply to the Prosecutor General,  his deputies, investigators and prosecutors, military personnel, customs and tax officials, Central Bank board members, top management of state corporations, and other entities established under federal law.

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Putin signs bill banning foreign bank accounts for cabinet ministers

18:03 07/05/2013 President Vladimir Putin has signed a bill prohibiting cabinet ministers and their family members from possessing foreign bank accounts and bonds abroad.
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