Russia’s President Vladimir Putin has announced a new offshore amnesty program, the anti-FATCA:
I announce a full amnesty for capital returning to Russia, and I repeat, a full amnesty. What does that mean? Those people who fully legalize, fully bring back their capital to Russia, should be protected from being dragged to various law enforcement agencies, and from having to prove where they got their money from, and from being exposed to criminal investigations.
We need to reverse the history of capital flight from our country, we need to end this era…. We have already done a lot of work to improve our investment climate, and now we need to turn to implement that legislation.
This is a brilliant move on President Putin’s part. Instead of punishing expatriated funds, he has welcomed them home. Wealthy Russians who have been burnt by confiscation during the Cyprus bailout and by illegal sanctions by President Obama, will find likely this a very welcome opportunity to repatriate their wealth.