The government will discuss increasing the transparency of legal entities

The government will discuss increasing the transparency of legal entities


The bill, in particular, it is proposed to oblige legal entities to receive, store and update information about their beneficial owners and to document the reliability of these data.

MOSCOW, 24 Dec. The Russian Cabinet of Ministers on Thursday will discuss the changes in the legislation establishing the responsibilities of legal entities for disclosing information about their beneficial owners, the press service of the government.

The document proposes to establish the obligation of legal entities to receive, store and update information about their beneficial owners, to document the accuracy of such information and present it according to the requests of the Federal bodies of Executive power.

It is noted that this will enhance the transparency of legal entities, as well as to reduce risk of their involvement in unlawful activities, including those associated with the legalization of income obtained by criminal means and financing of terrorism.

In addition, the session will consider the volume of issue of government securities in 2016.