MinFin suggests jail for issuing money surrogates
MOSCOW. March 10 (Interfax) - The Russian Finance Ministry has drafted more stringent amendments to the Criminal Code, to make the issuance of money surrogates punishable by up to four years in jail.
The senior managers of banks and financial companies could receive up to seven years and be stripped of the right to occupy certain posts again, a source from the government's financial and economic bloc told Interfax.
The previous version of the bill was much milder and called for just one year of community work or two years for organized groups for issuing, acquiring for the purposes of selling and selling money surrogates.
According to the amendments drafted in March 2016, issuing money surrogates ought to be punishable by a fine of up to 500,000 rubles or a fine equivalent to the guilty party's salary or other income for a period of three years or a custodial sentence of up to four years or, for organized groups, a fine of between 500,000 rubles and 1 million rubles or a fine equivalent to the guilty party's salary or other income for a period of between two and four years or a custodial sentence of up to six years.
For persons carrying out managerial functions in a financial institution such as a bank, insurance company, professional securities market participant, non-state pension fund, mutual fund or non-state pension fund management company, microfinance organization, consumer credit cooperative and so on, punishment for these offenses would be more severe, with a custodial sentence of up to seven years and a ban from holding certain positions and engaging in certain activity for up to three years or a fine of between 1 million rubles and 2.5 million rubles or a fine equivalent to the guilty party's salary or other income for a period of between two and four years.
