The Central Bank of the Russian Federation has developed a method of dealing with the outflow of capital from Russia through fictitious imports from the Customs Union. Earlier monitoring of transactions was carried out by banks based on recommendations received from the Central Bank, but now requirements became tougher. Experts believe that such innovations will make capital outflows through such channels difficult for fraudsters.
On August 15, 2013 the Central Bank has published a draft of amendments to its legislative act regulating the procedure of fighting against money laundering. There were introduced rules expected to stop capital outflow from Russia through fictitious imports from the Customs Union countries such as Kazakhstan and Belarus. It is referred to transactions due to which payment for "delivery" of goods from these countries is transferred to accounts with banks located in other jurisdictions.
Thus when conducting banking transactions the Russian banks will have to demand from customers more details. In addition to previously required consignment notes there will be requested the details about all the participants of the transaction: a non-resident contractor, a customer, a shipper, a consignee or carrier, an agent, a consignor, a principal etc. All information will be verified in the public databases.
Also, the banks will have to check the information about origin of goods, transportation and storage of goods on the whole route. In the result of checking of economic feasibility of client transactions, the bank will have a right to refuse to carry out payment orders or even close the account.
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