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13 April
Tuesday

Russia

New rules for controlling cash transactions came into force in Russia

Information on transactions over 600 thousand rubles will now be transferred to Rosfinmonitoring

Photo: Pixabay

/NOVOSTIVL/ Amendments to the Federal Law of August 7, 2001 No. 115-FZ "On Counteracting the Legalization of Criminally Obtained Incomes and the Financing of Terrorism", which strengthen control over Russian cash transactions, came into force on January 10.

As noted by Dmitry Kirillov, senior lawyer of the tax practice of the law firm Bryan Cave Leighton Paisner (Russia) LLP, expert of Moscow Digital School (business school of innovative knowledge, technology startup), in general, since January 10, restrictions have increased, and the areas in which they have appeared, show the increased attention of the state to them.

"Two new restrictions have been introduced in the consumer sphere - postal transfers in excess of 100 thousand rubles and refunds from the accounts of telecom operators for the same amount will be controlled. This is probably how the channel for remote transfer of funds bypassing the banking system is blocked, when one person replenished the balance another person's mobile phone, and he was withdrawing funds from the balance, "Kirillov told TASS.

The control over cash turnover is also being tightened, namely, information on transactions over 600 thousand rubles will now be transferred to Rosfinmonitoring. "Now the withdrawal or crediting of cash to the organization's account in the amount of more than 600 thousand rubles is subject to mandatory control, if it does not correspond to the nature of its economic activities. Since January, the clause on the nature of economic activities is excluded and all such operations will be controlled," the lawyer added.

As previously noted by the head of the State Duma Committee on the Financial Market Anatoly Aksakov, cash transactions over 600 thousand rubles will not be blocked, but information about them will be transferred to Rosfinmonitoring for analysis.

Along with a number of restrictions, Russians will also face some regulatory loosening. In particular, the mandatory control over transfers of funds abroad to an account or deposit opened for an anonymous owner and the receipt of funds from such an account or deposit, which, according to Kirillov, opens up the possibility of various kinds of abuse, has been canceled. Also, control over the receipt of property under a lease agreement is excluded, only the provision of such property is controlled. At the same time, lease payments in excess of 600 thousand rubles will be monitored.

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