Russian President Vladimir Putin has signed a law allowing Russian banks to transfer information on US taxpayers to US tax services.
Russian financial institutions will be obliged to provide a report to the Russian Federal Financial Monitoring Service, the Russian Federal Tax Service and the Bank of Russia about US taxpayers and notify the competent authorities when they receive from foreign tax authorities requests to provide information about such financial institution's foreign clients.
If Russian financial institutions fail to provide information on their US clients or provide such information with a delay, administrative liability will be imposed. In particular, a fine will be introduced ranging from RUB 30,000 to RUB 50,000 for company officers and from RUB 500,000 to RUB 700,000 for legal entities.
www.vedomosti.ru, 30 June 2014
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