Russian Duma Revisits Criminalization as Counter-sanction The Russian Duma is considering a bill that would prohibit media communications that reveal non-compliance with sanctions or facilitate imposition of sanctions and would also impose criminal penalties on those that disclose or transfer information to organizations “directly or indirectly” under the control of an “unfriendly state”, any company … Continue Reading
Anti-corruption has been a hot topic in Russia for some time. But recently, the Russian government has begun to take creative approaches in the fight against corruption. These initiatives are aimed at raising public awareness of corruption among the general public. What appears to be missing in this outreach is compliance guidance to companies in … Continue Reading
The Russian Federal Financial Monitoring Service (“Rosfinmonitoring”) has set forth a draft law, introducing amendments to a number of legal acts and aimed at increasing the transparency of currency transactions and at strengthening anti-money laundering measures in Russia. The most important amendments are planned to be introduced into Federal Law No. 115-FZ dated August 7, … Continue Reading
Russian government has ordered state-owned companies to disclose information on beneficiaries of their counter-parties. In the end of the year 2011 Russian prime-minister demanded that the major Russian state-owned companies and companies majority-owned by Russian state, including RZD, Rosatom, Transneft, GAZPROM, Aeroflot, INTER RAO UES and others (a “State-owned company”), require their counter-parties under the … Continue Reading
On February 1, 2012 Russia ratified the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the Convention) The Convention was adopted by the Organisation for Economic Co-operation and Development (OECD) in 1997. It provides that signatories undertake to amend national legislation to criminalize bribery of foreign public officials by … Continue Reading
Four Russian officials appointed by the Russian Economic Development Industry to the European Bank for Reconstruction and Development (EBRD) are being investigated by the City of London and Russian police for charges that include accepting bribes and doling out false credits to various projects. According to an EBRD spokesman, it is not clear what spurred … Continue Reading
On February 1, 2007, Russia became a member of the Group of States against Corruption (GRECO). GRECO monitors the compliance by its members with the Council of Europe’s anti-corruption standards through a process of mutual evaluation and peer pressure, helping to identify deficiencies in national anti-corruption policies, prompting the necessary legislative, institutional and practical reforms. … Continue Reading
Russia’s hosting a great party–everyone’s invited. Who will be able to survive the hangover from Russia’s samogon (moonshine)? U.S.-based Panalpina, Inc. and its parent Panalpina World Transport (Holding) Ltd., a Swiss freight forwarding company with 10 offices across Russia, were charged with FCPA violations that occurred in Russia. The charges were for both conspiring to … Continue Reading
