Capital amnesty 2.0

A bill has been passed which extends the periods for an amnesty of capital, enabling companies and individuals to take part in the so-called second stage of the capital amnesty (from 1 March 2018 to 28 February 2019).

A voluntary declaration of property, as with the first stage of the amnesty, is made by an entity or individual in return for protection from prosecution. It is important to note that it is not mandatory to disclose the source of the wealth and this does not impact upon the protection from prosecution.

By comparison with the first stage of the amnesty, it is now possible to include in a declaration not only accounts and savings in foreign banks, opened prior to the date of submission but also closed bank accounts which were not previously covered by the amnesty.

A guarantee provided by law stipulates that when filing a declaration, a person is released from criminal, tax and administrative liability for a number of offences. The law also provides for separate rules on currency regulation and currency control during the declaration of property.

See: Federal law dated 19 February 2018 N 33-FZ