Fun

Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials

News Feed - 2022-02-19 05:02:38

Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials


The State Duma of Russia, the lower house of parliament, has passed a law permitting law enforcement authorities to seek confiscation of illegally obtained funds from government officials, including cryptocurrency. The state may attempt to seize the assets through court if they exceed the officials’ income. New Law Allows Russia to Prosecute Officials With Illegal Crypto Holdings


Government officials who possess financial assets — including digital coins — exceeding their declared income from the last three years risk losing them to the state, according to a law adopted by the Russian State Duma this week. It permits law enforcement to request their seizure through the judiciary.


The current legislation allows Russia to confiscate real estate, vehicles, securities, and stakes if the civil servants owning them fail to prove they have legally received the funds spent on their acquisition. That applies to officials who are required to show that their expenses correspond to their income.


The newly approved law extends the practice to funds transferred to such persons’ accounts in banks and other intermediaries, RIA Novosti reported. Prosecutors will be able to demand verification for the funds’ sources not only from traditional financial institutions and payment providers, but also from entities issuing or dealing with digital financial assets.


“Since a new instrument has appeared, accordingly, it must be declared and income from it must also be indicated,” the head of the parliamentary Financial Market Committee Anatoly Aksakov explained earlier, referring to cryptocurrency assets.


Respective amendments have been introduced to the Russian laws “On Banks and Banking Activities” and “On Combating Corruption.” The new provisions should come into force 10 days after the official publication of the law, the report noted.


The legislative changes come after in August of last year President Vladimir Putin ordered the federal government to check officials with crypto holdings. He tasked several ministries and the central bank to prepare to verify information about the digital assets of government employees provided with their mandatory income declarations.


The move was announced as part of a new plan to combat government corruption for which Putin signed a special decree. The latest legal changes have been made as authorities in Moscow are working to comprehensively regulate cryptocurrencies, filling the gaps left after the law “On Digital Financial Assets” went into force in January, 2021.


In 2020, the Russian president signed an order compelling government employees and candidates for public office to declare the crypto assets in their possession. Russian officials were required to submit detailed accounts of where they bought the coins and their value by June 30, 2021. The obligation applies to their family members as well. Tags in this story civil servants, confiscation, Crypto, crypto assets, Crypto Holdings, Cryptocurrencies, Cryptocurrency, Digital Assets, Funds, Law, Legislation, money, Officials, parliament, Russia, russian, Seizure, State Duma


Do you expect Russia to pressure officials with crypto holdings to reveal and prove the origin of their digital funds? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. 2 "Sleeping Bitcoin" Block Rewards From 2010 Wake up After Sitting Idle for More Than a Decade NEWS | 6 hours ago Bank of Spain Approves Its First VASP License NEWS | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Senator Lummis Thinks ‘Bitcoin Is Something That the Fed Should Hold on Its Balance Sheet’ Next articleAriva Looks To Offer Its Users A ‘Second Life’ Via Ariva Wonderland Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects


Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says ... read more.McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High

News Feed

Digital Collectible Downturn — NFT Sales Slid More Than 74% Lower Than the Month Prior
Digital Collectible Downturn — NFT Sales Slid More Than 74% Lower Than the Month Prior While digital currencies suffered this past month, non-fungible token (NFT) sales dropped b
Indian Government Reveals Inspection of Bitcoin Businesses, Informs Parliament of Results
Indian Government Reveals Inspection of Bitcoin Businesses, Informs Parliament of Results The government of India has informed Lok Sabha, the lower house of parliament, about the
Turner Wright6 hours agoTether acquires stake in Bitcoin miner Northern Data, hinting at AI collaborationThe strategic investment into Northern Data through Tether group company Damoon may involve collaborations leveragi
Welcome to the United Kingdom — Please hand over your crypto
Syed Rahman6 hours agoWelcome to the United Kingdom — Please hand over your cryptoAn April change to United Kingdom law will allow authorities to treat crypto like other assets by seizing it without accusing suspects o
BTC price chart seen mirroring US spot Bitcoin ETF launch pattern
Ciaran Lyons4 hours agoBTC price chart seen mirroring US spot Bitcoin ETF launch patternBitcoin’s price chart looks similar to when spot Bitcoin ETFs were launched in the United States — suggesting a breakout soon, t
Ethereum Could Benefit From Stealth Addresses Implementation, Says Vitalik Buterin
Ethereum Could Benefit From Stealth Addresses Implementation, Says Vitalik Buterin Ethereum co-founder Vitalik Buterin published a research post that suggests using stealth address
Bitcoin, Ethereum Technical Analysis: BTC Consolidates to Start the Weekend
Bitcoin, Ethereum Technical Analysis: BTC Consolidates to Start the Weekend Bitcoin was consolidating to start the weekend, as prices once again fell below $17,000. The move comes
Bitcoin, Ethereum Technical Analysis: ETH Hits 2-Month High Above $1,800
Bitcoin, Ethereum Technical Analysis: ETH Hits 2-Month High Above $1,800 Ethereum surged to a two-month high on Monday, as crypto prices have mostly moved higher following Friday&#
Solana Plunges 12%, But This Pattern Could Mean Decline Isn’t Over Yet
Este artículo también está disponible en español. Solana has seen a price drawdown of around 12% during the past day, but if this pattern is to go by, there could be more
Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts
Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts Following the bankruptcy judge approving the release of $270 million in cash deposits, the crypto f
Barrick Gold CEO Says ‘No One Believes in Fiat Currencies Anymore’
Barrick Gold CEO Says "No One Believes in Fiat Currencies Anymore" The South African businessman and CEO at Barrick Gold Corporation, Mark Bristow, recently expl
Musk says Neuralink will ‘give people superpowers’ as 2nd human gets implant
Tristan Greene5 hours agoMusk says Neuralink will ‘give people superpowers’ as 2nd human gets implantThe brain-computer interface has already changed lives, but it’s unclear how it will give people eagle vision or