The State Duma adopted a law banning the transfer of recoverable debts to foreign accounts

The State Duma immediately adopted in the second and third readings amendments to the federal law “On Enforcement Proceedings”. It prohibits the transfer of debts collected under writ of execution to accounts immediately in foreign banks.

According to the draft law, the collected funds will not be transferred to a foreign bank account until the applicant provides the details of a Russian bank account or a treasury account. In addition, a Russian bank may suspend the execution of requirements under a writ of execution if it is suspected that the operation is being carried out for the purpose of legalizing criminal proceeds or financing terrorism.

The government noted the “colossal volumes” of cashing out funds under executive documents. In 2021, the amount of funds withdrawn in this way reached 26 billion, an increase of 25% compared to a year earlier. The explanatory note to the bill says that the law will minimize cases of transferring money by unfair collection for the legalization of criminal proceeds, tax evasion and the withdrawal of money abroad under executive documents.

Anastasia Larina