The oversight over operations on foreign e-wallets is planned to be tightened

Nov, 18 2020

A draft law that will tighten control over foreign electronic wallets of Russian citizens has been introduced to the State Duma. What amendments does the daft law provide for?

  • operations on foreign e-wallets will be equaled to transfers on accounts in foreign banks;
  • Russian citizens will be bound to report on the movement of funds on foreign e-wallets.

It is proposed to oblige individuals who are residents of the Russian Federation to report to the Federal tax service on any transfers of funds via e-wallets provided by foreign payment service providers.

Only those citizens whose total amount of transactions on foreign e-wallets exceeds 600,000 rubles per year will be subject to this regulation. If a citizen does not submit report to the Federal tax service, he risks being fined an amount equal to 40% of the funds transferred to these wallets during the year.

For the purpose of draft law, this measure will increase the effectiveness of measures aimed at combating money laundering and terrorism financing.

Author of the article

The oversight over operations on foreign e-wallets is planned to be tightened
Valeria Zakharova
Lawyer

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