Russian President Vladimir Putin has signed a law on offshore assets amnesty allowing Russians to voluntarily declare foreign assets and bank deposits.
The amnesty, which aims to help people avoid criminal, administrative and tax liability, will be offered if the violation was made before this January.
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Russians who disclose previously concealed assets including property, shares or foreign bank accounts this year, will be offered immunity from criminal prosecution.
To receive an amnesty, individuals have to submit a special declaration unveiling the assets to the tax authorities. The information will be protected by tax secrecy regime and may not be used for tests or for opening a criminal probe.
The amnesty law was first proposed by Putin last December, and approved by him on March 25.
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By GlobalData
