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Currency control in the Russian Federation is carried out. By whom currency control is carried out - bodies and agents

2.1. Documentation of foreign exchange transactions

2.2. Identification of foreign exchange transactions

2.3. Certification of foreign exchange transactions

3. Responsibility for violation currency legislation

1. Currency control: concept, authorities and agents currency control.

Foreign exchange control in Russia is part of the system currency regulation ensuring the effectiveness of foreign exchange restrictions set by the state.

Under currency control means a set of normatively fixed administrative and organizational measures carried out by specially authorized state bodies or other organizations (authorized banks as agents of currency control) and aimed at implementing the procedure for performing currency transactions and transactions in terms of currency restrictions, as well as measures to identify, prevent and suppress violations of this order.

Currency control in the Russian Federation- a set of requirements for individuals and legal entities, participants foreign exchange market, the purpose of which is to ensure compliance with foreign exchange legislation when conducting foreign exchange transactions.

The general conditions for organizing foreign exchange control in the Russian Federation, the rights and obligations of the bodies and agents of foreign exchange control are set out in the ZVRiVK, the specific procedure for the implementation of foreign exchange control is enshrined in by-laws - instructions of the Bank of Russia.

The main forms of foreign exchange control are:

Registration and statistical accounting of foreign exchange transactions;

Control over observance of currency legislation when performing transactions with currency values;

Control over the fulfillment of foreign exchange obligations to the state;

Control over the objectivity and completeness of accounting and reporting on foreign exchange transactions;

Control over the validity of payments in foreign currency.

Currency control, depending on the time of holding, is divided into:

Preliminary;

Current;

Subsequent.

Preliminary control by an authorized bank over currency transactions is carried out at the stage of drawing up and issuing a transaction passport on the basis of a foreign trade contract or a loan agreement submitted to the bank.

Current control is carried out during the period of contract execution.

Subsequent control consists mainly of control over the provision of currency control documents, as well as over the correctness and objectivity of their completion. Currency control documents (transaction passports, certificate of identification of currency transactions) are kept in an authorized bank for at least 3 years.

Currency control in the Russian Federation is carried out by currency control authorities and agents.


Bodies currency control in the Russian Federation are the Central Bank of the Russian Federation (Department of Currency Regulation and Control), federal executive bodies authorized by the Government of the Russian Federation (Ministry of Finance, Ministry of Economic Development, Federal Customs Service, federal Service financial and budgetary control).

Agents currency control are authorized banks accountable to the Central Bank of the Russian Federation, as well as professional market participants that are not authorized banks valuable papers, including register holders (registrars) accountable to the federal executive body for the securities market, and territorial bodies of federal executive bodies that are currency control bodies (regional offices of the Bank of Russia, customs, territorial departments of the Ministry of Taxes and Tax Collection of Russia, regional offices currency control of the Ministry of Finance of the Russian Federation).

Control over the implementation of foreign exchange transactions credit institutions, as well as currency exchanges carried out by the Central Bank of the Russian Federation.

Control over the implementation of foreign exchange transactions by other residents and non-residents shall be exercised, within the limits of their competence, by federal executive bodies, which are foreign exchange control bodies, and foreign exchange control agents.

The Government of the Russian Federation ensures the coordination of activities in the field of currency control of the federal executive authorities, which are currency control authorities, as well as their interaction with The central bank RF.

The Central Bank of the Russian Federation interacts with other currency control authorities and ensures interaction with authorized banks as agents of currency control.

Organs and Agents currency control and their officials, within their competence, have the right:

Conduct inspections of compliance by residents and non-residents with acts of currency legislation of the Russian Federation and acts of currency regulation bodies;

Check the completeness and reliability of accounting and reporting on foreign exchange transactions of residents and non-residents;

Request and receive documents and information related to the conduct of foreign exchange transactions, the opening and maintenance of accounts.

Currency control bodies and their officials, within their competence, have the right:

Issue instructions on elimination of detected violations of acts of currency legislation;

Apply the measures of responsibility established by law for violation of acts of currency legislation.

Currency control agents and their officials are obliged to:

Exercise control over compliance by residents and non-residents with acts of currency legislation of the Russian Federation.

Provide currency control authorities with information on currency transactions carried out with their participation.

Bodies and agents of currency control and their officials are obliged to keep, in accordance with the legislation of the Russian Federation, commercial, banking and official secrets that have become known to them in the exercise of their powers.

Bodies and agents of currency control, if there is information about a violation of acts of currency legislation of the Russian Federation by a person carrying out currency transactions, or about opening an account (deposit) in a bank outside the Russian Federation, sanctions to which are applied in accordance with the legislation of the Russian Federation by another body of currency control, transfer to the currency control, who has the right to impose sanctions on this person, the relevant information.

Bodies and agents of currency control and their officials are liable under the legislation of the Russian Federation for failure to perform their functions, as well as for violation of the rights of residents and non-residents by them.

Residents and non-residents carrying out foreign exchange transactions in the Russian Federation have the right to:

To get acquainted with the acts of inspections carried out by the bodies and agents of currency control;

Appeal against decisions and actions (inaction) of currency control authorities and agents and their officials;

To compensate for real damage caused by unlawful actions (inaction) of bodies and agents of currency control and their officials.

2. Residents and non-residents carrying out foreign exchange transactions in the Russian Federation are obliged to:

Submit the required documents and information to the currency control authorities and agents.

Maintain in accordance with the established procedure the accounting and prepare reports on the currency transactions carried out by them, ensuring the safety of the relevant documents and materials for at least three years from the date of the relevant currency transaction, but not earlier than the deadline for the execution of the contract;

Comply with the instructions of the currency control authorities to eliminate the identified violations of the acts of the currency legislation of the Russian Federation.

2. Currency control over transactions of residents

Documentation of foreign exchange transactions

In order to carry out currency control, currency control agents, within their competence, have the right to request and receive from residents and non-residents following documents(certified copies) related to the conduct of foreign exchange transactions, the opening and maintenance of accounts:

Personal identification documents;

Document on state registration of an individual as an individual entrepreneur;

Documents certifying the status of a legal entity,

Certificate of registration with the tax authority;

Documents certifying the rights of individuals to real estate;

Documents certifying the rights of non-residents to carry out foreign exchange transactions, drawn up and issued by the authorities of the country of residence (place of registration) of a non-resident, if the receipt by a non-resident of such a document is provided for by the legislation of a foreign state;

Notification of the tax authority at the place of registration of the resident about opening a bank account outside the Russian Federation;

Documents (draft documents) that are the basis for conducting foreign exchange transactions, including contracts, powers of attorney, extracts from the minutes of the general meeting; documents containing information about the results of the auction (if held); documents confirming the fact of transfer of goods, services, information and results of intellectual activity.

Documents drawn up and issued by credit institutions, including bank statements; documents confirming the performance of foreign exchange transactions;

Customs declarations, documents confirming the import into the Russian Federation of Russian currency, foreign currency and external and internal securities in documentary form;

Transaction passport.

All documents must be valid on the date of submission to currency control agents.

At the request of a foreign exchange control agent, duly certified Russian translations of documents executed in full or in any part of them in a foreign language are submitted.

Authorized banks refuse to carry out a foreign exchange operation, as well as to open an account if a person fails to submit the required documents, or if he / she submits inaccurate documents.

The originals of the documents are accepted by currency control agents for review and returned to the persons who submitted them. In this case, copies certified by the currency control agent are placed in the materials of currency control.

Identification of foreign exchange transactions

Residents (legal entities and individuals, including individuals - individual entrepreneurs), when carrying out foreign exchange transactions in foreign currency, submit the following documents to an authorized bank:

Certificate of identification by types of foreign exchange transactions of funds in foreign currency received to a bank account or debited from bank account a resident opened in an authorized bank, which is a document confirming the performance of a currency transaction;

Other documents that are the basis for a currency transaction.

These documents are submitted by a resident when debiting foreign currency from his account with an authorized bank or no later than 7 working days from the date of receipt of foreign currency to his account with an authorized bank.

The authorized bank accepts a certificate of currency transactions or refuses to accept it no later than the business day following the day of its submission by the resident.

The authorized bank checks the compliance of the information specified by the resident in the certificate of currency transactions with the information contained in the documents that are the basis for conducting currency transactions, as well as the resident's compliance with the procedure for issuing a certificate of currency transactions.

The accepted certificate of currency transactions is signed by the responsible person of the authorized bank, certified by the seal of the authorized bank used for currency control purposes, and placed in the currency control materials.

An authorized bank refuses to accept a certificate of currency transactions in the following cases:

The certificate of currency transactions submitted by the resident was drawn up by the resident in violation of the requirements;

From the documents submitted by the resident, it follows that the type of the currency operation being carried out does not correspond to the code specified by the resident in accordance with the List of currency transactions of the clients of authorized banks;

The currency transaction type code specified by the resident does not correspond to the grounds for crediting to a special bank account of a resident or debiting from a special bank account of a resident established by a regulatory act of the Bank of Russia on the types of special accounts of residents and non-residents.

A certificate of currency transactions with a mark of the responsible person of the authorized bank about the reason for the return, as well as other documents submitted by the resident, are returned by the authorized bank to the resident by registered mail with a return receipt no later than the working day following the day of their submission to the authorized bank, or are transferred against receipt of a resident or a person acting on the basis of his power of attorney.

In this case, the authorized bank refuses the resident to carry out a currency transaction.

When carrying out foreign exchange transactions in Russian currency, residents and non-residents submit to an authorized bank settlement document, which, in addition to the required details, contains: the code of the type of currency transaction and the number of the transaction passport (if a transaction passport is required and if the currency transaction is carried out by a resident).

In case of proper execution, the settlement document is accepted by the authorized bank for execution.

Certification of foreign exchange transactions - control over the repatriation of capital

With the transition of Russia to market relations, important and difficult to control were the issues of non-return to the Russian Federation of proceeds from the export of goods, works, services, as well as the non-commodity transfer of currency by enterprises abroad and transactions under fictitious import contracts. As a result, foreign banks accumulated huge foreign exchange funds belonging to domestic enterprises.

Capital flight is severely damaging national economy... The essence of the export of capital is the withdrawal of part of the financial and material resources from the process of national economic turnover and their inclusion in manufacturing process in other countries. This situation required the creation in the Russian Federation of a system of foreign exchange control over foreign trade operations of domestic enterprises.

One of the most important means of maintaining an equilibrium PB, ensuring the flow of foreign exchange resources into the country and contributing to their concentration for use in order to finance the national economy, is the requirement for the repatriation of capital.

Capital repatriation refers to the return of capital to one's country from abroad. Repatriation can be carried out in the form of a transfer to the homeland of capital previously invested abroad, and profits from them, as well as the proceeds of foreign currency from the sale of goods, works, services.

Despite significant liberalization currency relations, Federal Law No. 173 retained the basic requirement of the old Law, namely: all the currency that Russian firms receive from foreign economic activity must return to Russia.

The need to maintain the requirement of repatriation is explained as follows:

The requirement to repatriate foreign exchange earnings is the main instrument for the redistribution of foreign exchange funds in the domestic foreign exchange market and a guaranteed source of their acquisition for all participants in foreign economic activity;

In the context of insufficient stability and reliability of the Russian banking system residents, having received the right not to repatriate foreign exchange earnings, will seek to place the received foreign currency in accounts with foreign banks, which will lead to a decrease in the international assets of the Russian banking system and negatively affect its liquidity.

On January 1, 1994, a special procedure for foreign exchange control over the receipt of foreign exchange earnings in foreign currency from export operations in the Russian Federation was put into effect. From January 1, 1996, the foreign exchange control system was extended to import transactions. In 1997-1998 the currency control system covered barter contracts. From January 1, 200, currency control was extended to operations for the export of goods by residents in rubles, and from January 1, 2001, it also covered operations on imports in rubles. Since 2004, currency control has been extended to credit transactions.

The mechanism of foreign exchange control in the Russian Federation on foreign trade operations is in the nature of customs and banking control. This allows you to compare and control two counter flows: cash and commodity and determine whether the established rules in the currency sphere have not been violated. The control principle is based on the comparison and analysis of information transmitted by customs authorities on the value of exported or imported goods and the date of their movement across the Russian customs border and information from authorized banks on the amount and date of receipt of foreign exchange funds for an export product or the date and amount of transfer of funds for imported goods. ...

What are special currency control documents used for:

Transaction passport containing basic information about the transaction;

Registration card of customs and banking control (CC) - a returnable document containing some information from the customs declaration;

Dossier - a special collection of documents to control the progress of the entire foreign trade operation for each transaction passport.

Bank Control Sheet - a document containing detailed information about a transaction.

Most transactions on the territory of the Russian Federation are concluded using Russian rubles... However, situations arise when business entities have to use the banknotes of other countries. Such transactions are subject to foreign exchange control 2017 - a streamlined system, the purpose of which is to ensure compliance with current legislation. For violation of the provisions of the normative legal acts, considerable fines are provided, therefore firms and individual entrepreneurs are interested in following the established “rules of the game”.

Foreign exchange control is an ordered set of measures, rules and regulations governing transactions in foreign currency. This is the processing of transactions of particular interest to the authorities of the country, in order to prevent violations and abuse.

The key document that describes the directions of regulation and establishes the "rules of the game" is FZ-173, which has been in effect since 2003. He proclaims the following principles of foreign exchange control:

  • priority of economic impact over the establishment of strict directives;
  • protection of the interests of all entities entering into transactions, regardless of country of origin;
  • refusal from uncontrolled interference of government agencies in economic life;
  • uniformity monetary policy implemented within the country and abroad.

In matters of currency regulation, the dominant position is occupied by international normative acts. If they are at variance with domestic legislation, you need to focus on them. Any ambiguities and doubts not regulated by domestic and foreign law are interpreted in favor of the parties to the transactions (Article 4 173-FZ).

Currency control system: meaning and purpose

The main purpose of the system is to prevent violation of the provisions of the current regulatory legal acts, carrying out knowingly illegal transactions, abuse, withdrawal of capital from the country. The task of the authorities is to find a balance between these goals and the inadmissibility of intrusion into the normal functioning of Russian and foreign business entities.

The key tasks of foreign exchange control are:

  • analysis of ongoing transactions for compliance with the provisions of the current regulatory legal acts, determination of the need for additional licenses;
  • supervision over the fact of compliance by business entities with their obligations arising from the provisions of the NLA;
  • preventing the withdrawal of capital abroad by checking the reality and validity of transactions for which currency is paid;
  • control of accounting and reporting for completeness, adequacy and compliance with the real state of affairs.

To accomplish the listed tasks, system participants have the right to apply various currency control measures: require the submission of documentation, check and analyze contracts, acts, reporting, issue instructions on the need to eliminate identified violations, use punitive measures in relation to business entities that do not comply with the provisions of the current regulatory legal acts, including monetary fines.

Who performs the functions of controllers-regulators in the Russian Federation?

The legal framework for foreign exchange control, described in 173-FZ, implies the presence of the following regulatory bodies:

  • The Cabinet of Ministers;
  • Central Bank;
  • other executive bodies appointed by the Cabinet of Ministers (for example, customs, etc.).

173-FZ (Article 22) divides responsibilities in this way:

  • Central Bank of the Russian Federation - controls transactions in which credit institutions and financial institutions are involved;
  • executive power - regulates the currency activities of business entities that do not belong to the previous two categories.

Within the framework of their competencies, the regulatory structures have the right to issue regulatory legal acts that do not contradict international law and federal legislation.

These bodies are global regulators that “from above” check the implementation of the “rules of the game”. Local exchange control functions are performed by a separate link in the system - agents. These are credit organizations operating under a license issued by the Central Bank of the Russian Federation and adhering to its instructions. The task of banks is to ensure the correctness of payments and timely receive from the serviced individuals and legal entities information that reveals the essence of foreign exchange activities.

The main directions of currency control

The concept of "foreign exchange transaction" has a broader and narrower interpretation. The first assumes that any operations performed by representatives of the country and foreigners, including the purchase of a pack of matches in a store, can be attributed to this category. Government agencies cannot be “scattered” over the control of everything that happens in the economy, therefore, they single out transactions that arouse their increased interest.

FZ-173 specifies three types of transactions that are subject to foreign exchange control in the Russian Federation:

  • Transactions concluded with non-residents (in banknotes any country in the world). The globalization of the economy provides ample opportunities for illegal schemes and money laundering. The task of the controllers is to make illegal activities, the spread of the shadow economy impossible.
  • Operations with securities of the Russian Federation and other countries of the world. Financial instruments denominated in foreign currency and issued by representatives of other countries must be subject to control.
  • Foreign currency transactions. This category includes the exchange of banknotes, settlements of residents among themselves, with non-residents.

The purpose of currency control is to prevent abuse (including the export of foreign exchange reserves from the country) and violations of current legislation. To comply with the "rules of the game", an economic entity must know their essence and be able to check the correctness of their own actions and the work of an agent - an authorized bank.

Types of currency control

A form of foreign exchange control is a specific mechanism, a set of actions by which the controller fulfills his legislative duties. V modern economy it is customary to divide supervision into three types, depending on the time interval when it is carried out.

The following forms of control are distinguished:

1.Preliminary

These are supervisory measures carried out before the actual execution of transactions. For example, before opening the transaction passport, bank representatives ask the firm for a set of documents, read, pay attention to inaccuracies and inconsistencies. If the payment is made without a payment system, they check the correctness of the application for the transfer.

Within the framework of preliminary control non-resident and resident banks request documents from the client, questionnaires with information about the company before opening an account.

The forms and methods of preliminary foreign exchange control are aimed at suppressing, preventing violations later, strengthening financial discipline. There are two possible verification results: positive (the bank makes a payment, opens an account for the client) or negative (indicates inconsistencies in the documents).

2. Current

It is on-the-spot supervision that occurs concurrently with operations. For example, at the airport, customs officers require passengers passing through the "red corridor" to fill out a declaration, a bank employee who serves the client's payments in foreign currency examines whether the SVO, SPD (if there is post-payment) and the transfer application are correctly drawn up.

From the concept and essence of the current currency control it follows that it is carried out at the time of the business transactions... When making decisions, agents and bodies are guided by the information provided to them, primary documents, and accounting data. Their goal is to prevent violations of current legislation.

3. Post control

It is a system of activities carried out after transactions are completed. The authorized structures re-examine their meaning and content, read the documentation received from commercial structures, analyze whether the incident is fully reflected in the reporting.

Subsequent exchange control in Russian Federation carried out commercial banks, TSB RF. Its peculiarity is that it is not able to turn back the clock and stop the violation. The authorized structure only states the fact and makes a decision based on it: sends a request to eliminate defects, issues a fine to the company for violation, refuses to open an account, etc.

The nuance of post-control is the absence of haste, the ability to deeply delve into the essence of the operations that took place, to find immediately invisible "punctures". It is a “litmus test” that demonstrates the effectiveness of preliminary and ongoing measures.

Foreign exchange control mechanism and methods used

Currency control methods are understood as a set of techniques, methods, means that make it possible to carry out control functions.

The correct definition of methods is an important task for organs and agents. Effectively selected funds help to promptly suppress violations of current legislation, strengthen financial discipline, without disrupting the normal functioning of business structures.

Legal regulation of foreign exchange controls gives controllers a limited set of techniques. They have two main ways of working:

  1. Examination

This is the study of the details of transactions and ongoing operations in order to identify violations of currency legislation. The task of the authorized body is to compare the available data (obtained from applications for translation, SVO, SPD, etc.) with information gleaned from source documents.

  1. Inquiry

This is a requirement for clients to submit papers explaining the essence of the transaction being made, confirming the correctness of the payment amount, revealing the directions of the business entity's work. Agents turn to business entities for the necessary information, and control bodies turn to agents.

Important! According to the provisions of 173-FZ, agents, when requesting documents from business entities, are not entitled to set a deadline for their submission of less than 7 days.

For the implementation of currency control, you cannot demand any papers that come to mind of a bank employee. He has the right to request documents directly related to the content of the payment. The prepared documentation is presented to the agent on purpose (originals or stitched, numbered copies signed by the company's management) or through the Client-Bank system.

If the company is unable to provide the requested information, the credit institution has the right to refuse to process the payment.

Banks and other financial institutions collect information about transactions made by firms and individuals, enter them into their databases, and save them in the archive. Subsequently, the Central Bank of the Russian Federation has the right to request their reporting for verification and the information it needs.

Foreign exchange control in non-trading turnover

Today, non-trade turnover is understood as the movement of currency in the form of cash and traveller's checks across the Russian border. In order to prevent abuse and offenses, an exchange of information has been established between the customs authorities and the Central Bank. According to the provisions of 173-FZ, obtaining the necessary information by these structures is not considered a violation of banking or commercial secrets.

Currency control documents, including 173-FZ, limit the maximum amount of currency in cash that can be imported and exported from the territory of the Russian Federation. Since 2012, the following limits have been in effect:

  • up to 10 thousand dollars inclusive - exported without restrictions;
  • more than 10 thousand dollars - a customs declaration is required.

If foreign currency is declared by a non-resident, customs officers check that the exported amount is no more than the amount imported into the Russian Federation earlier.

The listed restrictions do not apply to owners plastic cards... Limits are set per person.

Foreign exchange control in non-trade turnover- task customs authorities... For a long time this was their main function, but today there is a tendency to expand their scope, in particular, to increase their participation in trade operations.

How do banks exercise control functions in practice?

If an enterprise conducts transactions with non-residents or purchases foreign currency, its actions become subject to foreign exchange control. If dollars have arrived at the company's account, and no notifications have come from the bank, you should not rejoice: sooner or later you will have to submit supporting documents, but penalties are threatened for delay.

Currency control of individual entrepreneurs and companies in domestic banks is a chain of successive events:

  • A firm or entrepreneur collects a package of documents that mediate a specific transaction. What will be included in this set depends on economic sense the operation being performed.
  • If the amount of mutual settlements with a non-resident exceeds 50,000 in dollar terms, you need to open a transaction passport. This can be done remotely by filling out a special form in the Client-Bank and sending the agreement signed by both parties to the specialists of the credit institution.
  • The client issues an application for transfer and CBO in the Client-Bank system, if settlements are carried out within the framework of the transaction passport. Practice demonstrates the need for currency control in an organization, when a company specialist monitors existing contracts, the timeliness of submission of SPD, and organizes document flow.
  • The bank enters information about the operation being carried out in its own databases and registers.
  • A reservation is made for the operation, the payment is made, after which the reserve is withdrawn.
  • The transaction is closed, after which the credit institution includes information about the transaction in its reporting, compiled in accordance with the requirements of the Central Bank of the Russian Federation.

It follows from the above that the concept of foreign exchange control consists of a set of intermediate links and procedures added to a transaction if it becomes objects of state interests in terms of maintaining macroeconomic or foreign exchange security.

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Currency control authorities and agents of foreign exchange control in the Russian Federation constitute a structure designed to monitor compliance with legislation in the field of circulation of foreign exchange funds and values. Read more about what these organs are in the article.

What concerns the currency control authorities in the Russian Federation

In the law of 10.12.2003 No. 173-FZ "On currency regulation and control" currency control authorities in the Russian Federation presented in the following structure:

The Government and the Central Bank of the Russian Federation located at level I are the currency control authorities in the Russian Federation and at the same time are the currency regulation authorities- issue legislative acts that are binding on all participants in foreign exchange legal relations in the Russian Federation.

What concerns currency control agents in the Russian Federation

According to Federal Law No. 173-ФЗ currency control agents are:

  • authorized banks (authorized by the Central Bank);
  • professional participants in the securities market (not credit institutions);
  • state corporation "Vnesheconombank".

IMPORTANT! Until 01.01.2017 to currency control agents in the Russian Federation also included customs and tax authorities. However, with the entry into force of the provisions of the law dated 03.07.2016 No. 285-FZ from 01.01.2017 and the Federal Customs Service and the Federal Tax Service (as well as their structural divisions) are currency control authorities.

What are the functions and powers of the bodies and agents of currency control in the Russian Federation in 2016-2017

Structural changes, which came into force in 2017, did not affect the established functionality and powers currency control authorities and agents... As before, the Government of the Russian Federation and the Central Bank carry out the functions currency regulation authorities in the Russian Federation- determine the general "rules of the game" in the foreign exchange market, as well as measures to monitor compliance with these rules.

As noted above, the government and the Central Bank also exercise currency control functions. In this status:

  • The Government of the Russian Federation, being at level I of control, coordinates the work of subordinate structures from among the currency control bodies of level II. At the same time, the government regulates the interaction of these structures with the Central Bank of the Russian Federation.
  • The Central Bank of the Russian Federation monitors compliance with the legislation in the field of foreign exchange transactions in the structures accountable to it - banks and similar organizations. At the same time, the Central Bank coordinates, for its part, the interaction of its agents with structures accountable to the government.
  • Currency control agents and level II control bodies, within their competence, carry out a set of measures to control the currency transactions passing through them and transmit information to other subjects of currency regulation - both higher and working in parallel.

Can the Central Bank be considered the main body of currency control in the Russian Federation

As noted above, foreign exchange regulation authorities in the Russian Federation are and the Government of the Russian Federation, and the Central Bank of the Russian Federation. In Art. 5 of Law No. 173-FZ, both are indicated as equivalent - priority is not given to anyone.

If we consider the functionality and the set of permissions, it is also difficult to determine whether one of this pair is "in charge".

Therefore, we can conclude that there are, in fact, two main currency control bodies: the government and the Central Bank. It is difficult to single out one in order to place it above the other.

Outcomes

The bodies of currency regulation and control in the Russian Federation consist of:

  • from the Government of the Russian Federation and the Central Bank of the Russian Federation, combining the functions of regulation and control;
  • bodies of sectoral and inter-sectoral executive power (currency control bodies), in the competence of which are certain aspects of currency legal relations;
  • currency control agents - authorized banks and equivalent structures, as well as Vnesheconombank. Agents carry out functions of control and collection and transmission of information in the field of currency regulation.

It is impossible to single out a single main body of currency control and regulation. In terms of powers and functionality, the Government of the Russian Federation and the Central Bank of the Russian Federation are in an equal position.

After studying the chapter, the student must:

  • 1. Know:
    • ? the concept of currency control, elements of the currency control mechanism;
    • ? forms, types and methods of currency control;
    • ? rights and obligations of residents during inspections by currency control authorities and agents;
    • ? basics internal control in authorized banks, aspects of the relationship between currency control and AML / CFT.
  • 2. Be able to:
    • ? analyze the powers of bodies and agents of foreign exchange control;
    • ? characterize the competence of bodies and agents of foreign exchange control;
    • ? work with documents and information used for currency control purposes.
  • 3. Own:
    • ? conceptual apparatus in the field of currency control;
    • ? skills in advising on the implementation of currency control;
    • ? skills of filling out passports of transactions and accounting forms for foreign exchange transactions.

Currency control: concept and mechanism. Forms, types and methods of currency control

The purpose of foreign exchange control, its principles and main directions. The implementation of the foreign exchange policy of the state, foreign exchange regulation, ensuring the regime established for conducting foreign exchange transactions are impossible without monitoring the application of foreign exchange legislation, the performance of the obligations imposed on them by the subjects of foreign exchange legal relations. This type of control is called "currency control". Currency control is the activity of the state aimed at obtaining information about currency transactions carried out in the country and the state of the currency market, as well as bringing the activities of participants in currency transactions in accordance with the established requirements.

Currency control makes it possible to organize the supervision of bodies and agents over the conduct of any foreign trade operations, to accumulate information on the movement of currency flows and, if necessary, to adjust the currency policy of the state. With the help of foreign exchange control, the state receives the information necessary for the introduction (adjustment, cancellation) of regulatory measures and bringing the activities of participants in foreign exchange transactions in line with the established requirements, as well as for the preparation of the necessary statistics.

The system of foreign exchange regulation and foreign exchange control is influenced by international treaties in which Russia participates.

According to sect. 3 tbsp. VI of the Articles of Agreement of the International Monetary Fund, member states may apply measures that are necessary to regulate the international movement of capital. However, no IMF country has the right to apply such measures in such a way as to restrict settlements on current foreign exchange transactions. In accordance with sect. 2 (b) Art. VIII of Articles, the execution of foreign exchange contracts using the currency of any member state, which run counter to the rules of foreign exchange transactions of that member state, maintained or introduced in accordance with the Articles of Agreement of the IMF, cannot be ensured in the territory of any member state.

There are two directions in the legal support of the currency control system:

  • 1) organizational support of foreign exchange control by creating appropriate organizational structures and endowing them with powers within the limits of the functions assigned to them in this area;
  • 2) determination of the legal forms of relations between participants in foreign exchange transactions and with the bodies (agents) of foreign exchange control, the use of which is necessary for the implementation of effective foreign exchange control.

Foreign exchange control can act in several forms:

  • 1) as a mechanism of state control over the observance by residents and non-residents of acts of currency legislation of the Russian Federation and acts of currency regulation bodies;
  • 2) as an administrative measure used by the state to protect financial independence, ensure stability monetary system, strengthening the national currency and mobilizing foreign exchange resources;
  • 3) as a form of non-tariff regulation of foreign trade, an analogue of which can be export quotas.

Foreign exchange control can be considered in several aspects.

  • 1. Exchange control is one of the functions of government.
  • 2. Currency control is a stage of specific administrative actions of the state.
  • 3. Currency control is a form of feedback in the system of regulation of currency relations.
  • 4. Currency control is aimed at ensuring compliance with the established currency restrictions, which characterizes it as a means of maintaining law and order in the currency sphere.

Currency control is regulated by the norms of Law No. 173-FZ, as well as by the norms of other regulatory legal acts. This Law clearly defines the system of subjects of foreign exchange control, their powers, rights and obligations, as well as procedures for their implementation of this type of control.

The purpose currency control is to ensure that residents and non-residents comply with the legislation of the state when carrying out transactions with currency values, as well as transactions with national currency, securities, payment documents ( financial instruments) and other debt obligations, the face value of which is denominated in the national currency.

Article 3 of Law No. 173-FZ lists the following main principles currency regulation and currency control:

  • 1) priority economic measures in the implementation of state policy in the field of currency regulation;
  • 2) exclusion of unjustified interference of the state and its bodies in foreign exchange transactions of residents and non-residents;
  • 3) the unity of the foreign and domestic monetary policy of the Russian Federation;
  • 4) the unity of the system of currency regulation and currency control;
  • 5) ensuring by the state the protection of the rights and economic interests of residents and non-residents in the implementation of foreign exchange transactions.

As specific principles currency control can be distinguished as follows.

  • 1. Principle legality. Consists in the requirement of strict observance of the norms of the currency legislation of the Russian Federation, acts of currency regulation authorities and acts of currency control authorities during control activities.
  • 2. Principle obligation. It lies in the fact that the implementation of control measures is not a right, but the obligation of currency control bodies and currency control agents (clause 1 of part 7 of article 23), while responsibility for currency control bodies, currency control agents and their officials is not established only for their violation of the rights of residents and non-residents, but also for failure to perform the functions established by the said Federal law(part 12 of article 23).
  • 3. Principle ensuring commercial, banking and official secrets. Fixed in Part 8 of Art. 23, according to which the bodies and agents of foreign exchange control and their officials are obliged to keep, in accordance with the legislation of the Russian Federation, commercial, banking and official secrets that have become known to them in the exercise of their powers.
  • 4. Principle institutionalization. It consists in the fact that the bodies and agents of currency control in the presence of information about a violation of acts of currency legislation of the Russian Federation and acts of currency regulation by a person carrying out currency transactions, or about opening an account (deposit) in a bank outside the territory of the Russian Federation, sanctions to which are applied by another body currency control, transfer to the currency control body, which has the right to impose sanctions on this person, the information specified in Part 9 of Art. 23.
  • 5. Principle delineation of competence. It manifests itself in two aspects: the general delineation of competence between currency control authorities and currency control agents (parts 1 and 2 of article 23); delimitation of competence between the Government of the Russian Federation (part 6 of article 22), the Bank of Russia (part 4 of article 22), the Federal Service for Financial and Budgetary Supervision and agents of foreign exchange control (part 5 of article 22).

The main areas of foreign exchange control are:

  • a) determination of the compliance of the foreign exchange transactions with the current foreign exchange legislation and the availability of the necessary permits (licenses) for them;
  • b) checking the fulfillment of the obligations of residents to the state on foreign exchange transactions carried out by them;
  • c) checking the completeness and reliability of accounting and reporting on foreign exchange transactions in accordance with the requirements of the legislation.

Key legal requirements foreign exchange controls include:

  • 1) organizational support of currency control by creating appropriate organizational structures and endowing them with powers within the limits of the functions assigned to them in this area, establishing relationships between these structures;
  • 2) determination of the legal forms of relations between participants in foreign exchange transactions with each other and with subjects of foreign exchange control, the use of which will make it possible to carry out foreign exchange control most effectively;
  • 3) establishment of measures of responsibility for violation of the norms of currency legislation.

Subject foreign exchange controls are foreign exchange transactions. Object foreign exchange controls are performed by residents and non-residents when conducting foreign exchange transactions.

Subjects exchange control is government bodies, and in some cases - non-governmental organizations and institutions that are empowered to carry out activities to verify compliance with foreign exchange legislation.

Forms, methods and types of exchange control. The types, forms and methods of foreign exchange control are constantly evolving in connection with the transformation of the foreign exchange control mechanism.

The form currency control - a specific way of interaction between the Government of the Russian Federation, currency control authorities and agents in the process of exercising control measures in respect of residents and non-residents for their compliance with the currency legislation of the Russian Federation, as well as acts of currency regulation authorities and acts of currency control authorities in the implementation of currency transactions.

Exchange control methods can be divided into basic, specialized and additional.

The main methods of currency control: observation (constant familiarization with the activities of the controlled object without using complex methods of obtaining and evaluating information) and verification (in-depth study of the activities of the controlled object).

Specialized methods of foreign exchange control. Among them: survey (deals with a specific issue and affects a wide range of controlled objects) and audit (a comprehensive study of the financial and economic activities of the controlled object by comparing documentary and factual data).

Additional methods of currency control include: requesting information (obtaining information from a controlled object on a specific list of issues) and analysis (processing documentary information using special analytical techniques).

Using the listed criteria, taking into account Art. 22 of Law No. 173-FZ, three main organizational and legal forms of foreign exchange control can be distinguished.

  • 1. Government form of foreign exchange control- carried out by the Government of the Russian Federation in two directions:
  • 1) coordination of activities in the field of foreign exchange control of federal executive authorities, which are foreign exchange control bodies, as well as their interaction with the Bank of Russia;
  • 2) ensuring the interaction of non-authorized banks professional participants the securities market, customs and tax authorities as agents of foreign exchange control with the Bank of Russia.

The main method of government foreign exchange control is observation, which may result in the issuance of a by-law normative legal act.

  • 2. General form of currency control- carried out by the federal executive body authorized by the Government of the Russian Federation - the Federal Service for Financial and Budgetary Supervision (Rosfinnadzor). The difference between general currency control and special control is that it applies to all participants in currency relations and in this sense is of a general, universal nature; at the same time, for the said Federal Service, currency control is the main activity. As an organizational and legal form, general currency control is a method of interaction between federal executive bodies, whose activities are aimed at monitoring the legality of currency transactions of all types. The main method of general foreign exchange control is auditing.
  • 3. A special form of foreign exchange control - carried out by the bodies and agents of foreign exchange control, for which the corresponding direction of control activity is not the main one. It is special because control is carried out in narrower, specialized areas of public relations (banking, customs, tax system, stocks and bods market). Accordingly, within the framework of this form, one can distinguish:

bank currency control- carried out by the Bank of Russia and authorized banks. The peculiarity of the legal status of authorized banks in these relations is that they have a dual legal status: are both subjects and objects of foreign exchange control. The subject of foreign exchange control, i.e. the person performing it, the authorized bank acts on foreign exchange transactions of its clients. For its own foreign exchange transactions, the authorized bank is subject to foreign exchange control by the Bank of Russia. In the latter case, the Bank of Russia verifies the fulfillment of the following by the authorized bank:

  • - the requirements of the currency legislation of the Russian Federation, acts of currency regulation bodies and acts of the Bank of Russia as a currency control body;
  • - duties of an authorized bank as a currency control agent;
  • - the requirements of the currency legislation of the Russian Federation, acts of currency regulation authorities and acts of currency control authorities by clients of an authorized bank when conducting currency transactions through this bank.

Thus, as an organizational and legal form of currency control, bank currency control mediates state control over the performance of banking currency transactions by residents and non-residents on the territory of the Russian Federation or transactions of residents outside of it using the organizational structure of the banking system of Russia.

The main method of foreign exchange control used by the Bank of Russia is conducting inspections, by authorized banks - supervision;

customs currency control - carried out by the customs authorities for the procedure for conducting foreign exchange transactions that are associated with the movement currency values, currency of the Russian Federation and domestic securities through the customs border of the Russian Federation (import, export) and making cross-border payments. The main method of customs currency control is surveillance. Also, special forms of customs control are used: verification of documents and information, customs inspection and inspection, personal inspection; others (Art. NO TC TC);

tax currency control - carried out by the tax authorities within their competence (Art. 30-33 of the Tax Code of the Russian Federation, Law of the Russian Federation of March 21, 1991 No. 943-1 "On the tax authorities of the Russian Federation"). The main method of tax currency control is auditing;

exchange control on the securities market- carried out by professional participants in the securities market who are not authorized banks, including by the registrars (registrars) accountable to the Bank of Russia. The subject of currency control in the securities market is compliance with the requirements of the currency legislation of the Russian Federation and acts of currency regulation authorities when residents perform currency transactions with external securities and non-residents - currency transactions with internal and external securities. The main method of foreign exchange control in the securities market is observation.

Foreign exchange control is classified into types for the following reasons:

  • 1. According to the time of implementation of currency control, it is possible to subdivide:
    • a) on a preliminary one (carried out before the performance of a currency transaction, for example, upon preliminary registration of an account (deposit) opened in a bank outside the territory of the Russian Federation (Article 18 of Law No. 173-FZ);
    • b) current (carried out in the course of a foreign exchange transaction, for example: by an authorized bank when making a payment in foreign currency; by customs authorities in the process of import (export) by residents (non-residents) across the customs border of the CU of currency values, Russian currency and domestic securities);
    • c) subsequent (carried out after the foreign exchange transaction, for example, when submitting supporting documents to an authorized bank and closing the transaction passport).
  • 2. Depending on the specifics of the competence of subjects of foreign exchange control:
    • a) direct (carried out by the bodies and agents of currency control);
    • b) mediated (carried out by the Government of the Russian Federation).
  • 3. Depending on the organizational and legal status of subjects of foreign exchange control:
    • a) control of foreign exchange control authorities;
    • b) control of foreign exchange control agents.
  • 4. Depending on the object of currency control:
    • a) foreign exchange control over foreign trade operations;
    • b) foreign exchange control over non-trading operations.
  • 5. By the method of organizing control measures:
    • a) remote (documentary) control;
    • b) inspection check.

Remote control is used in the day-to-day activities of foreign exchange control authorities and agents to check the periodic reporting and documentation on foreign exchange transactions submitted by residents and non-residents.

The main way to control the work of authorized banks is on-site inspections, which are carried out by the territorial branches of the Bank of Russia in accordance with the plan of inspections approved by the head of the territorial branch of the Bank of Russia. Inspections of the compliance of authorized banks with operations in foreign currency with foreign exchange legislation are carried out once every two years. The main by-law governing the relationship between the inspection unit and credit institutions is Instruction of the Central Bank of the Russian Federation dated 05.12.2013 No. 147-I "On the procedure for conducting inspections of credit institutions (their branches) by authorized representatives of the Central Bank of the Russian Federation (Bank of Russia)".

Based on the results of the audit, an act of checking the currency transactions of the authorized bank is drawn up. It should be noted that in the practice of writing an act, the main point is to reflect violations and shortcomings when banks comply with foreign exchange legislation, which is justified in conditions of strict foreign exchange controls and instability in the foreign exchange market.

The foreign exchange control system in the Russian Federation is part of its state financial control and is built on the principle of a two-tier model. The first level is formed by the Government of the Russian Federation and currency regulation authorities, the second - by agents of currency control.

The currency control bodies are the Bank of Russia and federal executive bodies authorized by the Government of the Russian Federation. In accordance with the decree of the Government of the Russian Federation, such a currency control body is the Federal Service for Financial and Budgetary Supervision - Rosfinnadzor.

The Law includes authorized banks accountable to the Bank of Russia, professional participants in the securities market accountable to the federal executive body for the securities market, customs authorities and tax authorities.

Control over the implementation of currency transactions by credit institutions and currency exchanges is exercised by the Bank of Russia.

The Government of the Russian Federation coordinates the activities in the field of currency control of the federal executive authorities (which are currency control bodies), their interaction with the Bank of Russia. It also provides interaction between professional participants in the securities market, which are not authorized banks, customs and tax authorities.

The Bank of Russia ensures the interaction of authorized banks as currency control agents with customs and tax authorities: authorized banks as currency control agents transfer information to customs and tax authorities to perform the functions of currency control agents in the amount and in the manner established by the Bank of Russia.

Such a distribution of functions between the bodies and agents of currency control is established in the Law "On Currency Regulation and Currency Control". The same Law defines the rights and obligations of currency control bodies and agents and their officials.

Bodies and agents of foreign exchange control, within their competence, have the right to carry out inspections of compliance by residents and non-residents with the norms of foreign exchange legislation - the provisions of the Law and acts of foreign exchange regulation bodies, to check the completeness and reliability of accounting and reporting on foreign exchange transactions of residents and non-residents. They have the right to request and receive documents and information related to the conduct of foreign exchange transactions, the opening and maintenance of accounts.

The law establishes a list of documents that currency control agents can request from residents and non-residents for the purpose of currency control. But from this list, they have the right to demand only those documents that are directly related to the ongoing foreign exchange operation. All documents must be valid at the time of submission, have certified translations into Russian, if they are fully or partially executed in a foreign language.

Thus, the liberalization of foreign exchange legislation, leading to an increase in the number of participants in foreign exchange relations and, accordingly, to an increase in the volume of foreign exchange transactions, requires an increase in the efficiency of foreign exchange control as an instrument of the state’s foreign exchange policy.

The Bank of Russia occupies a special place in the system of currency regulation and currency control bodies.

In accordance with the Law "On Currency Regulation and Currency Control", the Bank of Russia is the main body of currency regulation and one of the main bodies of currency control. According to the Law, he is endowed with the right to create normative legal acts that are binding on all participants in the foreign exchange market and foreign economic activity.

The development of a regulatory framework is the main method of currency regulation and currency control used by the Bank of Russia.

Specific methods of control over compliance by residents and non-residents with the requirements of foreign exchange legislation are determined in such a way that they have a comprehensive regulatory effect in the implementation of the tasks of the state foreign exchange policy.

With regard to export-import operations, a system of customs and banking control is applied. It is based on an automatic comparison of the data of customs authorities on the movement of goods across the customs border of the Russian Federation with information from authorized banks on the amounts of proceeds from the export of goods received to the accounts of exporters or amounts of payment for imported goods written off from the accounts of importers. Information about the shipments and payments made is processed in the Main Scientific and Information Computing Center of the Federal Customs Service. On its basis, the facts of non-return to the Russian Federation of export proceeds and non-receipt of goods against the advance payments made under import contracts are revealed.

For the purposes of currency control, in accordance with the Law, currency control authorities and agents can use the transaction passport, drawn up by exporters and importers in authorized banks (Article 20 of the Law). It must contain the information necessary for accounting and reporting on foreign exchange transactions between residents and non-residents. This information is reflected on the basis of supporting documents. The Bank of Russia may establish uniform rules for issuing transaction passports by residents when carrying out foreign exchange transactions between residents and non-residents.

At present, a reporting system for authorized banks on foreign exchange transactions has been formed, which is the main basis for their monitoring. Monitoring of foreign exchange transactions as a method of foreign exchange control is used to identify deviations in the direction of foreign exchange flows, which indicate the possibility of an unjustified outflow of capital from the country and the evasion of participants in the domestic foreign exchange market and foreign economic activity from meeting the requirements of foreign exchange legislation.

Thus, the system of foreign exchange control in the Russian Federation is built on the principles of subsequent control over already completed foreign exchange transactions and requires further improvement in the direction of the development of the mechanism of preliminary control.