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Financial Crime Definition in Russian Federation: A High-Level Overview

The Russian Federation has a robust legal framework to combat financial and business crime, encompassing various offenses such as corporate fraud, bribery, corruption, insider dealing, market abuse, money laundering, terrorist financing, and financial record keeping. This Q&A guide provides a comprehensive overview of the key aspects of financial and business crime law in Russia.

Corporate Fraud

  • What constitutes corporate fraud in Russia?: Corporate fraud in Russia is defined as the unauthorized use or manipulation of company assets for personal gain.
  • How is corporate fraud prosecuted in Russia?: Corporate fraud cases are typically investigated by law enforcement agencies, such as the Federal Security Service (FSB), and prosecuted by the Public Prosecutor’s Office.

Bribery and Corruption

  • Is bribery a criminal offense in Russia?: Yes, bribery is a criminal offense in Russia, punishable by up to 10 years imprisonment.
  • How does Russia define corruption?: Corruption in Russia refers to the abuse of power or official position for personal gain.

Insider Dealing and Market Abuse

  • What is insider dealing in Russia?: Insider dealing in Russia involves trading securities based on confidential information about a publicly traded company.
  • Is market manipulation a criminal offense in Russia?: Yes, market manipulation is a criminal offense in Russia, punishable by up to 5 years imprisonment.

Money Laundering and Terrorist Financing

  • What are the money laundering offenses in Russia?: The money laundering offenses in Russia include concealing or disguising the source of illegally obtained funds.
  • Is terrorist financing a criminal offense in Russia?: Yes, terrorist financing is a criminal offense in Russia, punishable by up to 10 years imprisonment.

Financial Record Keeping

  • Are there specific requirements for financial record keeping in Russia?: Yes, companies operating in Russia are required to maintain accurate and detailed financial records.

Due Diligence

  • Is due diligence a legal requirement in Russia?: No, due diligence is not a legal requirement in Russia; however, it is considered a best practice to conduct thorough background checks on business partners and employees.

Corporate Liability

  • Does the Russian legal system recognize corporate liability for criminal offenses?: Yes, the Russian legal system recognizes corporate liability for criminal offenses.

Immunity and Leniency

  • Is there an immunity or leniency program in Russia for individuals who cooperate with authorities in financial crime investigations?: Yes, there is a leniency program in Russia for individuals who cooperate with authorities in financial crime investigations.

Whistleblowing

  • Are there protections for whistleblowers in Russia?: Yes, there are protections for whistleblowers in Russia, including immunity from prosecution and confidentiality guarantees.

This Q&A guide provides a general overview of the key aspects of financial and business crime law in Russia. For more detailed information and to compare answers across multiple jurisdictions, visit our Financial Crime Country Q&A tool.