Officials keeping money in Russian bank subsidiaries abroad ensures transparency - Gref
DAVOS. Jan 25 (Interfax) - Allowing officials to keep their funds in the foreign subsidiaries of Russian banks can ensure transparency, Sberbank Chairman German Gref told the press following the Sberbank business breakfast held during the World Economic Forum in Davos.
"If we talk about wanting full transparency regarding accounts - their origin, their availability and so on, then opening accounts in Russian institutions abroad in any format, that the State Duma and government establishes, can be transparent. We can give any information in any format that is required. If the key question is about transparency then this objective is achieved," he said.
There is a whole serious of cases where former businessmen have become State Duma deputies or officials and they "for whatever reason need to have an account in another country." Allowing officials to keep their money in Russian bank subsidiaries would be an optimum answer "taking into account the interests of these people and achieving the government's objectives regarding transparency and declarations. I do not think that tough bans always yield a positive impact. We need to find a way towards an objective without tough bans, which are often quite easily bypassed," he said.
Asked whether Sberbank itself planned to make money out of this, Gref replied "I cannot say that we are hoping for some huge influx, but at the same time this does match our commercial objectives."
As reported, State Duma deputies proposed in the summer of 2012 that officials, parliamentarians, law enforcement officers, as well as their spouses and children be prohibited from "having and opening deposits or accounts in foreign banks in foreign countries, from acquiring or owning real estate abroad or foreign company securities." President Vladimir Putin supported this initiative in his address to the Federal Assembly on December 12, although he specified that the ban should not extend to overseas property, which must be strictly declared. By December 21 the Duma had approved the relevant bill in the first reading.
However, Gref wrote to the Duma suggesting officials have the right to keep money in the foreign subsidiaries of Russian banks.
Deputy Prime Minister Arkady Dvorkovich said on Wednesday, January 23, that Russian officials may be allowed to do this. "If such a solution enables complete transparency, then why not," he told the press.
Dvorkovich said the decision might be adopted by the State Duma. "Transparency is vital, it is important for information on income, property and major expenses to be clear and transparent," the deputy prime minister said.
