The savings Bank does not share the view that savings certificates in bearer form shall entail unnecessary risks for bona fide participants and reduce the effectiveness of anti-corruption laws, informs the press-service of the savings Bank to a request to comment on the initiative of the Ministry of Finance.
On February 24, the Ministry of Finance on the government website was informed that it had prepared amendments to the Civil code to provide for an exception to Russian law Institute of savings books and bearer bersertifikasi. In its report, the office indicated that they create the conditions for money laundering, because they do not have restrictions on the amount and do not provide for a ban on the use of their account and means of payment. Therefore, the Ministry of Finance wants to replace this tool nominal securities, which the banks will be issued in certificated form. MinFin proposes to include bersertifikasi individuals and entrepreneurs in the Deposit insurance system.
Savings certificates can be bearer or registered. From the type of certificate depends on the process of transferring rights under securities to another person. For the transfer of bearer bersertifikasi enough to give the paper to another person, without executing any documents. To pass bersertifikasi, need to submit the assignment.
Analysis of long-term activities of the Bank related to the issuance and payment of bearer savings certificates not allows to make a conclusion about using them as an instrument of payment or legalization of proceeds of crime, the press service of Sberbank.
The Rosfinmonitoring unknown incidents bersertifikasi for use in laundering, said Deputy Director of Rosfinmonitoring Paul Livadny. However, it supports the Finance Ministry’s position that financial instruments in bearer form create risks in terms of laundering proceeds of crime. In his opinion, checkbooks and bersertifikasi bearer is a Soviet anachronism that was created when attention to the identification of customers was not so close. “They cannot establish the origin of funds and, therefore, the waiver is a worldwide trend set by the FATF (the international Group of financial action against money laundering) since the 90-ies. We are on the path of fulfillment of international obligations of the FATF,” says Livadny.
Now most of the market bersertifikasi accounted for Sberbank — 96% of all issued Russian certificates, said the press service of the Bank. The amount of attracted funds is 550 billion rubles., and all released bersertifikasi — bearer. With regard to savings books, in the savings Bank they are all registered.
The press service of the savings Bank in its reply notes that the customer must be given the opportunity to open a Deposit under a lower rate, but with insurance the DIA, or at most in the form of bersertifikasi, but without insurance. Increased interest rate for bersertifikasi is because they are not included in the Deposit insurance system. Rate bersertifikasi in the savings Bank ranges from 0.01% to 11.5% in rubles depending on the term (from 91 days up to 1095 days) and the amount (from 10 thousand rubles. and without the maximum limit). From bersertifikasi not to prematurely withdraw funds or Deposit funds.