New rules for control over cash transactions entered into force in the Russian Federation

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On Sunday, January 10, amendments to the Federal Law “On Counteracting Legalization of Criminally Obtained Incomes and Financing of Terrorism” came into force, which strengthen control over Russian cash transactions.

As Dmitry Kirillov, senior lawyer of tax practice at the law firm Bryan Cave Leighton Paisner (Russia) LL, explained, information on the withdrawal or crediting of cash in excess of 600 thousand rubles will now be transferred to Rosinformonitoring.

In addition, postal transfers in excess of 100 thousand rubles and the return of funds from the accounts of telecom operators for the same amount will now be controlled.

“Now the withdrawal or crediting of cash to the organization’s account in the amount of over 600 thousand rubles is subject to mandatory control if this does not correspond to the nature of its economic activities. Since January, the reservation about the nature of economic activity will be excluded and all such operations will be monitored, “TASS quotes Kirillova.

In addition, the mandatory control over the transfer of funds abroad to the account or deposit of the anonymous owner, as well as the receipt of funds from such an account or deposit, has been canceled. 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.

Also, from 2021, it will be necessary to account for settlements on real estate transactions worth more than 3 million rubles.

In December last year, financial analyst Alexander Razuvaev, commenting on these legislative changes, noted that the state is trying to normalize the situation and fight against shadow financial schemes.

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