Officials' divorces and their cash flow to be checked as part of fight against corruption

Officials' divorces and their cash flow to be checked as part of fight against corruption

It is planned to create a register of public officials so that banks can conduct an audit of customers.

It is necessary to create a system for declaring incomes and expenses upon the divorces of official marriages to combat corruption, according to the Federal Service for Financial Monitoring (Rosfinmonitoring). In some cases, civil servants are fictitiously divorced in order to cover up the acquisition of property and not to declare it, according to a report by Vitaly Andreev, the head of the Rosfinmonitoring Department for counteracting money laundering. The report was presented at a conference at the Higher School of Economics, Vedomosti reports.

It is planned to create a register of public officials so that banks can conduct an audit of customers. At the moment, officials can voluntarily report their publicity. Banks are not interested in who the customer is by position and where his money comes from unless these operations do not fall under the law on countering the legalization of criminal proceeds, President of the Association of Russian Banks Garegin Tosunian admits. Creating a register of public officials does not impede the work of banks, but officials begin to use cash actively, he warns.

However, Rosfinmonitoring proposes to limit the turnover of cash - for example, when buying apartments, cars, jewelry. Now cash turnover is almost impossible to control, people “use the shadow schemes for cashing, create one-day firms,” the service indicates.

Rosfinmonitoring specialists also studied the Panama Papers and found 4197 offshore companies controlled by Russians. Russian companies conducted financial transactions totaling more than 5 billion rubles. The results of the analysis are sent to law enforcement agencies.

Tags: Banks
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