Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 9.08.2006

Decision of the Government of the Russian Federation No. 472 of August 4, 2006 on the Financing of Monthly Compensations for the Unemployed Women with Children Aged Thee and Below after Dismissal Due to the Winding Up of an Organisation

The unemployed women which have children aged three and below and which have been dismissed due to the winding up of an organisation are entitled to receive monthly compensations remitted to deposit accounts opened with Sberbank of Russia or through federal postal organisations. Decisions on ordering the compensations are taken by the social protection bodies of subjects of the Russian Federation.The monthly compensations of 50 rouble each are payable to persons who are on a leave of absence for taking care of a child until the child reaches the age of three. The disbursements are ordered from the day when the leave is granted if the application for it is made within six months after the granting of the leave. If the application is filed after that deadline the disbursable amounts are ordered and paid out for time elapsed but in any case not for more than six months after the date of the application.

Direction of the Central Bank of the Russian Federation No. 1708-U of August 4, 2006

Effective August 7, 2006, fixed interest rates are established for the deposit transactions carried out by the Bank of Russia by means of the system Reuters-Dealing and the MICEX Electronic Sale System on the standard terms "tom-next", "spot-next", "on-call" at 2% per annum and on the standard terms "one week", "spot-week" at 2.5% per annum.

Letter of the Central Bank of the Russian Federation No. 105-T of August 1, 2006 on Wolfsburg Group Documents

It is announced that a manual has been published for the elaboration of an approach based on risk assessment for the purpose of managing the risks of money laundering relating to the operations of financial organisations in the countering of money laundering. The manual comprises the basic principles on which financial organisations are to elaborate a policy for assessing the emergence of a money laundering risk in their activities.This document may be used by credit organisations to enhance the effectiveness of their in-house control systems to counter money laundering and the financing of terrorism.

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