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Russia May Fine Citizens For Failure To Report Financial Operations Abroad

Russia's Finance Ministry wants to fine citizens who fail to tell tax authorities about their financial activities and bank account operations abroad.

A draft law published on the minitry's website on September 8 would make it mandatory for Russian citizens to report on these operations as of January 1, 2015.

The proposal appeared to be part of a Kremlin push to prevent Russians from keeping their money abroad.

President Vladimir Putin signed a law last year prohibiting senior officials and their spouses and minor children from holding bank accounts abroad.

Based on reporting by and