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Banks Forced to Report Russian Politicians' Links to 'Undesirable Organizations'

Russian banks will be obliged to inform authorities about politicians and officials' links to so-called “undesirable organizations,” the RBC newspaper reported Thursday.

If public officials are on the receiving end of financial transactions from foreign and international organizations recognized as “undesirable” in Russia, banks and non-credit institutions must report such activity to the financial authorities.

Russia's Federal Financial Monitoring Service published the proposal on its website, RBC reported. Its aim is to strengthen the government’s control over Russian politicians.

On May 23, 2015, President Vladimir Putin signed the undesirable organizations law, which has been widely criticized by human rights activists.

The law allows the Russian authorities to prohibit “undesirable organizations” from operating on Russian soil, but currently does not require banks to report public figures’ links to such organizations.

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