Government readies bill barring banks from sending client data abroad

MOSCOW, Jun 15 (PRIME) -- The Russian government submitted a bill on Tuesday on retaliation of unfriendly activities of other countries, prohibiting local banks to send data of clients and their transactions to foreign agencies.

"The bill envisages prohibition for the credit entities to send information about the clients and their transactions on request of the competent entities of foreign states, except in the cases stipulated by the legal acts of the Russian Federation," the statement attached to the bill read.

The bill also envisages obligatory reports to the Federal Financial Monitoring Service and the central bank on such requests from the foreign authorities.

The document will be considered by the State Duma, lower chamber of the parliament.

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