Russia Lower-House State Duma Moves to Increase State Access to Russians’ Financial Transactions
Russia Lower-House State Duma Moves to Increase State Access to Russians’ Financial Transactions
Duma Moves to Increase State Access to Russians’ Financial Transactions - The Moscow Times
cross-posted from: https://mander.xyz/post/43435445
Russia’s lower-house State Duma passed a bill on Tuesday granting the state financial watchdog Rosfinmonitoring access to detailed information about Russians’ financial transactions.
The move is intended to improve Russia’s ability to track suspicious financial activity more quickly, making it easier to identify potential money laundering or terrorism financing activities.
Critics argued that it could expand financial surveillance and restrict citizens' financial freedom, while others warned that it might increase the risk of unjustified account freezes.
The legislation will allow Rosfinmonitoring to directly access transaction data from the National Payment Card System (NPCS), which manages operations involving Russia’s Mir cards, and the Fast Payment System (FPS).
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