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Russia: Legality of Russian Offshore Companies and Accounts in Regard to the Problem of Revenue Collection in Russia

Journal of Financial Crime

ISSN: 1359-0790

Article publication date: 1 March 1999

Abstract

The Russian Government is not only corrupt — it is a thief which steals money from its own citizens by imposing taxes, hard currency regulations and custom duties. Therefore the money which is made in Russia should be moved to safe places abroad. This is the, rather simplified, reasoning of the economic criminal, yet it carries some very serious consequences. The phenomenon of illegal capital flight was probably one of the major factors of the current economic crisis in Russia. Russian experts point out that the main flow of illegal capital from Russia is channelled through the so‐called offshore companies and accounts. This paper will look at the legality of business practices relating to the increase in off‐shore assets by Russian investors in regard to the major problem of government revenue collection in Russia.

Citation

Sinuraya, T. (1999), "Russia: Legality of Russian Offshore Companies and Accounts in Regard to the Problem of Revenue Collection in Russia", Journal of Financial Crime, Vol. 7 No. 1, pp. 89-94. https://doi.org/10.1108/eb025927

Publisher

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MCB UP Ltd

Copyright © 1999, MCB UP Limited