Russian auditors will be required to report illegal transactions

The State Duma adopted in third reading the bill on amendments to the Federal Law “On counteracting the legalization (laundering) of proceeds from crime and the financing of terrorism” in part regarding audit activities.

The new amendments establish obligations for auditors to notify Rosfinmonitoring about any reason to believe that the transactions or financial transactions of the audited entity are related to money laundering or terrorist financing. Regarding this, each auditor will set up his personal account on the Rosfinmonitoring website.

The development of the draft federal law aims to bring Russian legislation affecting the implementation of audit activities in accordance with the recommendations of the Financial Action Task Force on Money Laundering (FATF).

On materials of the following website: http://sozd.parliament.gov.ru/bill/134557-7