OREANDA-NEWS. November 19, 2010. The Russian Ministry of Finance has suggested including a number of FX transactions, over RUB 6 mn in size, onto the list of operations liable to mandatory control in pursuance of the Act on Counteraction to Laundering of Proceeds of Crime and Financing of Terrorism. The corresponding bill has been published on the Ministry’s website.

In particular, the authority has suggested controlling FX refunds to bank accounts by Russian tax residents, due to them for goods, works, services or information assigned to non-residents, if the refund is in breach of the refund period set by a foreign trade agreement. In addition, the Ministry has suggested controlling refunds of foreign currency more than RUB 6 mn in size, paid to non-residents for goods and services, which have either been not imported or completed, to bank accounts by Russian tax residents, if the refund is in breach of the refund period defined by a foreign trade agreement. In addition, the new Act on FX Regulation and Control provides a more specific definition of Russian tax residents; particularly, it assumes that Russian citizens that have been outside Russia for more than 12 months running, should be deprived of resident’s status.