Media & Resources
Fines for non-filing cash flow reports on foreign bank accounts are introduced.
DATE: December 4, 2015 | AUTHOR: atlawyers
Fines for non-filing cash flow reports on foreign bank accounts are introduced. The RF President signed the law introducing Russian residents’ liability for non filing cash flow reports on foreign bank accounts and/or supporting bank documents. Besides, the Law will allow the residents to transfer proceeds from sale of foreign securities to their bank accounts in banks located within the territories of counties being OECD or FATF members (as contrasted to the current rule demanding that such proceeds shall be credited only to Russian bank accounts).