The state Duma ratified the COE Convention on seizure of proceeds from crime

© RIA Novosti / Ramil to Setdiscoverable in photobanks the building of the State Duma on Okhotny Ryad street in Moscow. Archival photoThe state Duma ratified the COE Convention on seizure of proceeds from crime© RIA Novosti / Ramil to Setdiscoverable the image Bank

The state Duma at plenary session on Friday ratified the Council of Europe Convention on search, seizure and confiscation of the proceeds from crime and on the financing of terrorism.

The President of Russia Vladimir Putin on June 26 submitted for ratification to the state Duma the corresponding bill.

The bill for confiscation measures, powers and techniques during the investigation, requests information on Bank accounts and requests their monitoring, execution of confiscation, delivery of documents, request forms and its language, limiting the use of information and evidence, cooperation between financial intelligence units.

As a result of the adoption of the law will require amendments to the Russian code of administrative offences concerning the administrative liability of legal entities for legalization (laundering) of funds obtained by criminal means.

As noted in the explanatory note of the document, the ratification of the Convention will increase effectiveness of cooperation with other countries in the fight against money laundering and terrorist financing, will create additional opportunities for the development of international cooperation between the competent authorities on the identification, seizure and confiscation of proceeds from crime.