A federal law has been adopted to prevent the use of notaries in illegal financial transaction schemes

The Federal Law provides that when making executive inscriptions and certifying mediation agreements related to the failure to fulfill the terms of a loan agreement, The notary must be provided with a document issued by the credit institutionconfirming the transfer of funds to the borrower.

The notary will be must check the reality such a document by sending a request to a credit institution through the interdepartmental electronic interaction system.

The composition of the information contained in the request and the form of the response to the request will be established by order of the Ministry of Justice of Russia in agreement with the Bank of Russia.

The changes will ensure verification of the reality of the obligations that have arisento eliminate cases of using the specified notarial actions for illegal purposes and to increase the effectiveness of the national system for combating the legalization (laundering) of proceeds from crime and the financing of terrorism.

Source: website of the Ministry of Justice of the Russian Federation