Alexander Winning has reported today, Feb. 12, 2013, for the Moscow Times, Putin Submits Bill Banning Officials From Holding Foreign Assets. On Tuesday President Vladimir Putin submitted a bill to the State Duma which seeks to ban government officials from holding overseas bank accounts or owning foreign-issued bonds and shares. The legislation, which is part of a series of measures proposed by the president to ostensibly target corruption and foreign influence in Russia, appears to be a softened version of a bill which passed in a first reading by the Duma last year stipulating fines or jail time for officials who do not give up certain foreign assets.
According to a copy of the legislation published on the Duma’s official website, this bill presented by Putin would apply to federal and regional officials, senior prosecutors, board members at the Central Bank and employees at state corporations. Diplomats and other officials who are serving abroad would be entitled to keep overseas assets, however officials’ spouses and children, in whose names accounts and assets are often registered to bypass declaration rules, would be included in the ban. Under the terms of this bill, officials must close their foreign accounts and sell any foreign assets within three months of the legislation coming into force. Any officials who fail to comply would be fired.
Fox News has covered on an Associated Press report about this story, Putin bans Russian officials from having foreign bank accounts, stock. The Kremlin has confirmed President Vladimir Putin has submitted a bill that would ban Russian Cabinet members and other senior officials from having foreign bank accounts and owning foreign stock. The Kremlin has said that this measure is aimed at "ensuring national security, establishing order in lobbyist activities, increasing investment in the national economy and raising efficiency of anti-corruption efforts."