Under the document, the deposits of citizens wishing to debit over 600,000 rubles from their account ($1 = 29.11 rubles) will be frozen for two days. A bank will have to send information on attempts to use "particularly large amounts" of money in individual accounts to the Federal Financial Monitoring Service to check whether a particular deposit has any connection with the financing of terrorism.

During these two days, financial intelligence officers will check the sincerity of the depositors intentions and, if everything is in order, will allow the bank to release the sum requested by the client. However, if the Federal Financial Monitoring Service fails to carry out verification within the established time limits, the check can be prolonged for five days.

Today, banks are authorized to independently determine which clients they will report to the financial intelligence agencies.

The State Dumas security committee has unanimously recommended the lower house to adopt the amendments to the law. At the same time, the proposed bill has caused the protests from the banking committee. According to its chairman, Pavel Medvedev, if the amendments are adopted, there may be a new outflow of depositors funds from banks into the shadow economy.

Viktor Zubkov, the chairman of the Federal Financial Monitoring Service, also expressed his concern over the amendments. In his opinion, his agency may fail to cope with the amount of incoming information. The service already receives about ten thousand reports from financial organizations for verification every day.

MOSCOW, October 18 (RIA Novosti)