It emerged last week that Russia's President, Vladimir Putin has signed into law new legislation amending the coutry's rules on the prevention of money laundering and terrorist financing.
Under the amended law, which was passed by the State Duma on July 7, and the Federation Council on July 15, the list of organisations and service providers which must report to the authorized agency transactions which they "strongly suspect" are being carried out with the intention of laundering criminal proceeds has been expanded to include real estate mediators, lawyers, notaries and entrepreneurs within the legal and accounting services sectors.
Additionally, the new legislation stipulates that non-credit institutions which offer interest-free loans of 600,000 rubles or more, and real estate deals worth more than 300 million rubles must make mandatory reports, and that credit institutions must ensure that clients (or their representatives) are present when accounts are being opened in their name.
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