On Wednesday, April 25, Russian Duma, the lower house of the Russian parliament, passed in the third and final reading a bill banning public officials, lawmakers and judges from having foreign bank accounts.

      The bill was initially submitted by Russian President in mid-February as part of the Kremlin’s much touted anti-corruption drive. It was amended in its second reading to extend the ban to all foreign securities, including traveler’s checks.

      State and government officials are also banned from holding any valuables – including precious metals – with foreign banks and cannot use foreign financial instruments for trust management.

      The single accessible way for public officials to own property abroad is to declare it and explain the sources of the income used to buy it.

      After the bill is to be signed by the president, government officials will have three months to close any foreign accounts and transfer their funds to Russia or quit their government posts.