Legal entities in Russia will be obliged to collect, keep and disclose information about their beneficiary owners. The Law in question has been approved today by the Federation Council (№ 965365-6). Non-disclosure of the information in response to the state authorities’ request will entail an administrative fine up to 500 thousands of rubles. The Law considers beneficiaries as individuals being able to control the legal entities’ activity. The new rules can come into force in six months.