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In effect, the term used in Russia, controlled foreign companies, is a translation of the above notion, he adds. However, as a senior associate of Pepeliaev Group law firm, Pyotr Popov, points out, even in the U.S. and the UK these rules failed to resolve the problem of profits being channeled offshore. A case in point, says Pyotr Popov, was a rather tough deoffshorization bill in the U.S. developed with Barack Obama's participation. Under it, an American taxpayer was considered a controlling person of any offshore company with which he had any relations, for example, received loans from. However, the bill wasn't enacted.
