Rosfinmonitoring wants to oblige companies to reveal their beneficial owners
17.07.2014,
11:07
The Rosfinmonitoring, Russia’s Federal Financial Monitoring Service, intends to oblige all Russian companies to submit information about their beneficial owners for including them in the Unified State Register of Legal Entities, Kommersant newspaper reports.
YEREVAN, July 17. /ARKA/.The Rosfinmonitoring, Russia’s Federal Financial Monitoring Service, intends to oblige all Russian companies to submit information about their beneficial owners for including them in the Unified State Register of Legal Entities, Kommersant newspaper reports.
In its message sent to the government, the agency proposes to include individuals who own more than 25% of the legal entity’s capital.
To put this idea into practice it is necessary to amend Russia’s Civil Code to make submission of information about founders and beneficiaries one of the conditions for doing business in Russia.
The Rosfinmonitoring proposes to insert the data in the register along with registration of legal entities and to update them no later than in 60 days after change of business owners. The agency proposes to set deadline for already registered companies for submitting their data, RBC reports.
Administrative sanctions will be imposed on those economic entities providing false data. The Rosfinmonitoring, however, doesn’t mention sizes of the fines.
The agency is ready to exempts from the new obligation the companies whose capital’s major part (more than 50%) belongs to federal, regional or local authorities.
Besides, the Rosfinmonitoring’s proposal doesn’t apply to the companies trading at stock markets that reveal data only in accordance with the law on securities.
Access to the Unified State Register of Legal Entities should be provided at a written request from court for a civil, criminal or administrative case, at a request from a federal governing agency prompted by a foreign country’s request and at a request from the Rosfinmonitoring itself.
To find out beneficial owners of foreign legal entities the Rosfinmonitoring finds it necessary to apply the norms of the law on struggle against money laundering also to the trusts established by Russian companies and citizens in accordance with the foreign countries’ laws. --0----
