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Russia is becoming a banking “paradise.” Putin has signed a law banning the sharing of banking secrecy with foreign authorities


Russian President Vladimir Putin has signed a law banning Russian banks from providing competent foreign authorities with information about customers and their operations. The document was published on Sunday on the official legal information portal, the Russian news agency TASS reports.

It is designed to minimize the risks associated with the adoption by hostile countries of a number of amendments to national legislation. These changes, outlined in the accompanying materials, are aimed at obtaining from foreign banks, under threat of penalties, confidential information constituting banking secrecy.

The new law prohibits domestic credit institutions from transmitting to the competent authorities of foreign states, including the judiciary, the information requested about customers and their operations, except as provided by the legal regulations of the Russian Federation.

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The ban will also apply to customer representatives, beneficiaries and beneficial owners. In addition, Russian credit institutions must promptly inform Rosfinmonitoring and the Central Bank (BC) that they have received such requests from foreign authorities.

As Russian Deputy Finance Minister Alexei Moiseev said earlier, the exchange of information will remain in terms of joint action with other countries to combat the legalization of crime proceeds and terrorist financing, as well as the fight against bank fraud.

According to the law, a credit institution is obliged to inform the Central Bank within three working days of receiving a request from abroad for the provision of data, which will transmit this information to Rosfinmonitoring. The Bank will be able to inform the Central Bank of the receipt of such a request using a personal account on the regulatory authority’s website.

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