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Russia May Make Offshores Disclose Owners

30.01.2012 19:54 / Interfax

The President is due to take the final decision on whether off-shore companies owning Russian assets shall disclose their founders and beneficiaries to the regulator, said Head of the Audit Chamber Sergey Stepashin.

“The Civil Code amendments commission has drafted proposals for the President with the support of the Ministry for Economic Development, the Supreme Arbitration Court, and the Audit Chamber, in order to stipulate in the Civil Code that all offshores shall make a mandatory disclosure of the names of their founders and beneficiaries”, said Stepashin in a Russia 24 TV interview.

He says the commission has been discussing the amendment for four months. “There was no clear decision, because the MIFC Taskforce, headed by Alexander Voloshin, is opposed to the idea as it would scare away business and investors”, said the Head of the Audit Chamber.

Nevertheless, in the near future President Dmitry Medvedev will make a decision whether the amendment shall be introduced. “On 2 February the President will decide this matter, hopefully in the best interests of the State”, stressed the Head of the Audit Chamber.

Stepashin told Interfax that the disclosure should be made to the authorized state regulator.

He also mentioned that confidentiality should be preserved.

“We must prevent this information from being leaked and traded on the black market as has been the case. This should be regarded as a grave criminal offence”, said Stepashin.

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