President signs law on mandatory expenditure statements of government members

Russian President Vladimir Putin has signed a law, which binds government members to state their expenditures.

Relevant amendments were made to Article 10 of the Federal Constitutional Law "On the Government of the Russian Federation" and published in the official portal of legal acts.

The following article was added to the law: "A member of the Government of the Russian Federation shall state in the procedure established by the Federal Law "On Control over Correspondence of Expenditures of Officials and Other Individuals to their Incomes" and normative decrees of the President of the Russian Federation: one's expenditures and expenditures of one's spouse and underage children in the acquisition of land, real estate, vehicles, securities, shares (stakes or interest in authorized (share) capital of organizations) if the deal's value exceeds the overall income of a member of the Government of the Russian Federation and his/her spouse in the three years preceding the deal; and sources of income, which funded the deal mentioned in the second paragraph of this part."

The law shall enter into force on January 1, 2013, and apply to deals concluded since January 1, 2012.

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