Russia Domesticating Funds, Data: Impact On Anti-Corruption

Law360, New York (August 8, 2014, 10:04 AM EDT) -- In the first six months of 2014, Russia has moved ahead on a number of initiatives said to target bolstering the country's national security in the financial and data privacy areas. In the shadow of increased tension between Russia and the West, legislative proposals aimed at "domesticating" funds earned in Russia or by Russian nationals, as well as personal information about Russian nationals, have passed various legislative hurdles and appear to be on their way to enactment. This article provides a brief summary of those initiatives, focusing in particular on their potential impact on anti-corruption compliance efforts of companies and business units operating in Russia....

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