PRESS: Min wants softer control over Russians’ foreign bk accounts

MOSCOW, Sep 8 (PRIME) -- The Russian Finance Ministry has suggested easing foreign account transactions control for individuals, business daily Vedomosti reported on Thursday, citing Deputy Finance Minister Alexei Moiseyev and a draft law.

“The rules will not be applicable to those who spent less than three months a year in Russia, they will not qualify as Russia’s foreign currency residents,” Vedomosti reported citing a spokesman for the Finance Ministry.

The ministry also wants to extend the scope of permitted operations by including crediting money from sales of transport or real estate if it is registered in a country member of the Organization for Economic Co-operation and Development (OECD) or the Financial Action Task Force (FATF). The account can be open in a bank of a country meeting these criteria as well.

The current penalty for violation of foreign account rules can amount to 75–100% of the sum of a transaction under Russian law.

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