The Bank of Russia and the Finance Ministry of Russia are considering a draft law which is designed to impose criminal responsibility for illegal credit operations, Ilya Kochetkov, head of the Main Directorate of the Microfinance Market and Financial Availability Methodology at the Bank of Russia, said at the 9th Urals Information Security Forum.
"Right now punishment provided for an illegal creditor is minor. Some Federation Council members initiated a draft law to impose criminal responsibility for illegal activities to issue loans. The Bank of Russia is busy analyzing this bill and talking it over with the Finance Ministry. The draft law suggests several levels of violation, up to tougher punishment and criminal responsibility," Kochetkov.
According to him, the draft law has yet to be submitted to the State Duma.
The media previously reported that in 2016 the Central Bank of Russia revealed around 1,400 companies that violate requirements of laws on microfinance organizations.
