The draft law "On Countering Illegal Financial Transactions"

The draft law "On countering illegal financial transactions" was adopted by the State Duma in the first reading on February 22 this year. This controversial document was submitted by the government and has already caused a storm of criticism and controversy. Some comments were taken into account, amendments were made, but they also raise questions. So, for example, access to bank secrecy, both individuals and legal entities, the tax authorities will receive only by court decision, but no one is obliged to inform the account holder about this court session.

Now everyone can know about personal finance, even people authorized by the state. But you never know how many dishonest "werewolves" have already been caught for using the information received in the service.

The bill came out voluminous and introduced changes (and tightening) to a number of existing laws. For example, the law "On operational investigative Activities" has now been supplemented with norms according to which the authorities are given the right to obtain information containing bank secrecy even before initiating a case, only after receiving a court decision. Moreover, this applies to both legal entities and individuals. Banks, of course, will provide this information, because otherwise there is a threat of large fines, and even worse, the revocation of the license.

In practice, it may be like this: a certain investigator is interested in accounts, for example, a person who does not like him. He sends a request to the court, where a familiar judge issues a decision to him, even without a court hearing (after all, we remember that there is no need to notify the account holder). That's it, you can go to the bank and calmly get all the information about the objectionable person. No one obliges to initiate a case.

Small businesses also received a blow below the belt. The introduced bill amended the article of the Tax Code. It obliges all taxpayers to receive postal items from the Russian Post of the tax authorities at the legal address. When returning notifications or notices, the Federal Tax Service has the full right to suspend all transactions with the accounts of an individual entrepreneur or legal entity in the bank.

But after all, most organizations, and especially small businesses, have never been to a legal address. Thus, an organization may suddenly find out that their accounts are blocked. Moreover, the bank will decide that they are not interested in a problem client at all.

A spoonful of honey was offered to legal entities of the Federal Tax Service, now you can specify in the tax inspectorate where they are registered, the address where the correspondence can actually come. However, such kindness did not find understanding in the territorial inspections. And with the amendments being made, it will even more meet with a complete rebuff, because in the old way, it will be much easier to block the account.

And finally, this bill destroys the very concept of "limited liability".  After all, if earlier entrepreneurs, creating an LLC, did not answer with their personal property for the debts of the company, now they will. The amendments provide for joint and several liability for tax arrears.