The term UFA simply stands for Unified Financial Association. The UFA stands for the unified government authority over financial matters. In plain words, the word UFA literally means the government bodies responsible for financial matters are actually the ones who prescribe rules to them. It’s also commonly known as a ‘common law organization’ or a ‘federal agency.’
There are two main authorities who regulate the financial activities of citizens in the UFA. One is the General Office of Foreign Assets or the GOMA, which is headed by the Secretary of State. The second is the Office of the Secretary of State and Its Consolidated Files of Financial Interests or the SOFO which is headed by the Secretary of Treasury. Both of these offices have their respective General Councils which meet regularly to discuss issues on how to improve the general condition of the ufa sector.
The General Office of Foreign Assets supervises and sets up the coordination of foreign trade with Russia, including the implementation of the ufa provisions. Besides, it also supervises the implementation of other federal policies designed to benefit Russian citizens by preventing the entry of certain persons into the country, confiscating property of companies associated with criminal activities, and conducting various inspections of the house museum in St. Petersburg. Among these laws, the most important ones are the ban of providing services to companies associated with terrorism, and the adoption of the law on the tax of capital gains.
The Financial Services Authority was established in 2021. Its main goal is to protect the interests of citizens from unfair competition and to promote trade. Its role is closely associated with the functioning of the Rambler Hotel in St. Petersburg, which is a major landmark in the city. According to the law, any kind of organization involved in activities that are banned by the Russian government can’t have a representative at the Russian State Duma, the lower house of parliament. Consequently, according to the new law, the Rambler Hotel can’t be recognized as a place of residence for Bashkortostan.
In addition, representatives of the Financial Services Authority are also supposed to visit the UFA offices in St. Petersburg and the Russian house museum in bashkortostan as frequently as possible, in order to monitor implementation of the ufa law. They can also inspect the housing projects registered with the ufa. Any organizations that don’t comply with the law’s requirements are obliged to close their doors.
Besides, representatives of the Financial Services Authority will also visit the prisons in ufa regions and the house museums in ufa cities in order to observe the conditions of the inmates. The inspectors will use these reports to implement the appropriate corrective measures. In addition, the head of the Financial Services Authority could personally visit the homes of applicants who think that they would be given a ufa residency permit. He could then decide whether or not these people would be allowed to remain in Russia.