Control Over Currency Transactions to Become Stricter :: Charter'97 :: News

The Committee of State Control (CSC) began drawing up a draft standard act envisaging aggravation of responsibility (including a prohibition of further business activities) for violations of currency transactions order by legal entities and small entrepreneurs when selling goods, works and services for foreign currency. This was informed by the CSC press service on Thursday to Interfax.

According to the information of the Committee staff, the CSC Department of financial investigations has been incessantly uncovering facts of using foreign currency as an instrument of payment without special license of the National Bank of the country.

Foreign currency, illegally used as an instrument of payment for goods and services, is not taxed and is often used by economical entities for financing ‘shadow’ business transactions, including salaries paid ‘in envelopes’.

The CSC believes that the responsibility of the wrongdoers according the present laws is not adequate to the measure of damages to the economic interests of the state.