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Russia bans officials from possession of foreign assets

21 December 2012 17:30 (UTC +04:00)

Baku-APA. The Russian State Duma, or lower house of parliament, on Friday passed in first reading amendments to the Criminal Code which bans possession of foreign assets by state officials, APA reports quoting Xinhua.

According to the amendments adopted by unanimously vote, an official found to have possessed a foreign bank account or property abroad could be fined up to 10 million rubles (over 300,000 U.S. dollars) and imprisoned for up to five years.

The changes in the Criminal Code apply to state officials at all levels, military personnel, law enforcement agencies, judges, members of both houses of parliament as well as their spouses and underage children.

They also would be prohibited from possessing shares in foreign companies.

Furthermore, they cannot acquire property or open bank accounts abroad until three years after retirement from state service.

If signed into law, the new code would come into force on Jan. 1, 2013. State officials will have six months to repatriate or sell their foreign assets.

Last week, President Vladimir Putin, in his state-of-the-nation address, urged the government to continue a campaign against corruption which he called "a threat to the nation's growth prospects."