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Duma Passes Bill On Foreign Bank Accounts

The Russian State Duma has passed in its third and final reading a Kremlin-proposed bill that would ban government officials from holding foreign bank accounts or owning shares in foreign companies.

The bill, adopted late on April 24, covers officials holding central government posts, Central Bank board members, holders of state posts in the regions, heads of state companies, and others.

It would not block such officials from owning real estate in foreign countries, but requires them to declare such holdings and provide information about the source of the money used to purchase them.

The anticorruption measure must still be passed by the Federation Council and signed by President Vladimir Putin.

It comes in the wake of several scandals in which officials resigned following the exposure of undeclared foreign assets.

Based on reporting by "The Moscow Times" and ITAR-TASS