Antiminopoly Ministry seeks to receive information on companies registered in offshore zones

The Ministry for Anti-Monopoly Policy and Support of Entrepreneurship (MAP) is for empowering the federal antimonopoly body with the right to receive full information on companies registered in offshore zones. Deputy MAP Head Andrei Tsyganov expressed this opinion on Tuesday at the session of the ministry board.

He noted that to achieve this goal it is necessary to make relevant amendments to the effective legislation. According to the deputy minister, at present there is a strong tendency to conceal the real owners of the companies located in offshore zones.

He recalled that the Russian law on competition influences the competition at the Russian commodity markets where among the players are both Russian and foreign legal entities and private persons. The law is effective in cases when economic entities conduct activities and reach agreements outside the Russian territory which can limit the competition or lead to other negative consequences for the Russian markets. At the same time, despite the sphere of law application, the federal antimonopoly body does not have the access to the information on offshore companies, Tsyganov said.