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Russian State Duma approved the draft law on pre-trial blocking of financial pyramid-related websites

The State Duma’s specialized committee approved the draft law empowering the Bank of Russia to shut down websites associated with financial pyramids and other fraudulent resources. The financial regulator will also be able to sue for total removal of such websites. Experts believe that this measure will halt the spread of malicious websites.

The State Duma’s Committee for Financial Market has recommended to adopt the draft law allowing the Bank of Russia to shut down websites promoting fraudulent financial schemes without a court order, as reported by Kommersant newspaper.

Aсcording to the head of the Committee Anatoly Aksakov, who is also known to be one of the proponents of the said initiative, the draft law is to be adopted in all three readings by spring 2019.

The proposed law will enable the Bank of Russia to block dangerous and scam-related content in the Internet. The regulator would also be authorized to take legal action against the websites that provide illegal access to financial and credit organizations, and electronic payment systems and devices.

Previously, the Bank of Russia could only block dangerous web content upon applying to law enforcement agencies, such as the General Prosecutor’s Office.

The regulator will now be able to shut down websites associated with financial pyramids in a matter of 24 hours by means of bringing related domain addresses to the Roscomnadzor’s Unified register of Internet resources prohibited in Russia. Though permanent blocking of such websites would still be possible under the related court rulings only, access to unwelcome information would be denied beforehand.

According to the Bank of Russia, scammers are usually able to shut their pyramids down and get away with ill-gotten money way before the cumbersome bureaucratic procedure for blocking their websites is complete.