Foreign exchange control lawyer services

Currency control is monitoring by authorized agencies and agents of currency circulation for compliance with the legislation of the Russian Federation when making transactions in foreign currency, circulation and disposal of currency valuables in order to ensure the stability of the national currency of the state.

Risks of violation of currency legislation may arise at any stage of currency transactions. Their traditional types, as a rule, include:

  • Transfer of funds in foreign currency to or from Russia to ensure the export and import of goods or services.
  • Obtaining a foreign currency loan.
  • Issuance of a loan in foreign currency.
  • Payment of interest on income received in foreign currency.
  • Payment of salaries to employees of the company working from abroad.
  • Making investments in foreign companies or buying securities of foreign enterprises.
  • Purchase of real estate outside the Russian Federation as an asset of LLC.

Other types of currency communication are not subject to the work of a currency regulation lawyer.

Legal grounds for currency regulation measures

All activities with currency are regulated by the Federal Law “On Currency Regulation and Currency Control” of December 10, 2003. Despite the fact that the basic rules and regulations were developed and adopted about 20 years ago, currency regulation still remains a controversial topic among individuals, entrepreneurs and currency control lawyers.

In 2022, in connection with the introduction of sanctions by Western countries against Russia and its business circles, presidential decrees were issued correcting previously developed provisions. First of all, this concerns the expansion of the list of companies that can conduct foreign exchange transactions outside of Russia. This applies to branches of medical organizations and residents of Russia (not including cash currency circulation between two citizens).

Despite many concerns, the currency audit was not canceled. This means that the services of lawyers on currency regulation remain in demand for a wide category of persons.

For whom is the work of a currency control lawyer relevant?

  • For individuals – Russian citizens living in the country or abroad and making transfers in foreign currency.
  • For individuals – non-citizens of Russia living in the Russian Federation and making money transfers in foreign currency to their homeland.
  • For legal entities engaged in international trade in the currency of a foreign state.

Thus, currency regulation makes it possible to control the legality of transactions between all subjects of foreign economic activity in order to prevent illegal withdrawal of currency abroad.

VALEN specialists work with all entities that carry out transactions in foreign currency. We guarantee confidentiality and compliance with the legislation in the field of currency regulation when working with clients.

Violations and sanctions for non-compliance with currency legislation

Responsibility for non-compliance with the provisions of regulatory legal acts in the field of currency circulation is one of the main topics for consultations with a lawyer on currency control.

The most common violations in practice:

  • Execution of illegitimate financial transactions.
  • Non-compliance with the procedure and deadlines for submitting reports to authorized bodies.
  • Errors when filling out forms of payment documents.
  • Non-compliance with the generally accepted procedure for sending foreign currency to settlement accounts in financial organizations.
  • Refusal to notify the tax service of changes related to a current account opened with a foreign bank, as well as violation of the notification procedure.
  • Refusal to receive money to your current account for the provision of services or the sale of goods to a non-resident of Russia during the legal period.
  • Non-compliance with the period of return to the country of funds paid by a non-resident of the Russian Federation for the sale of products or the provision of services.

Sanctions for refusal to comply with the norms of legislation on currency control are contained in the Administrative Code of the Russian Federation and in the Criminal Code of the Russian Federation.

The sanction of the Administrative Code of the Russian Federation provides for the imposition of a fine in a fixed amount or in a certain proportion of the amount that became the subject of the dispute.

The maximum penalty for non-compliance with Article 193 of the Criminal Code of the Russian Federation “Evasion of obligations to repatriate funds in foreign currency or the currency of the Russian Federation” entails the risks of imprisonment for up to 5 years with the imposition of a monetary fine of up to 1 million rubles or in the amount of income.

To avoid the negative consequences associated with non-compliance with the order of currency control, an appeal to a lawyer on currency regulation will help. A competent specialist will analyze your situation with the implementation of the requirements of the currency legislation and advise on the necessary actions to resolve the problem situation.

Foreign exchange control lawyer services

VALEN specialists provide the following services within the framework of the implementation of currency regulations:

  • Checking existing and drafting new business papers for conducting legitimate currency transactions.
  • Consultations by currency control specialists.
  • Drafting and legal verification of foreign economic agreements for the shipment of goods and the provision of services.
  • Collection of a complete set of business papers for the implementation of a currency transaction. This list includes a cargo customs declaration, invoice, specifications to the agreement, international waybill CMR.
  • Preparation of other securities necessary to ensure currency regulation.
  • Conducting various inspections.
  • Preparation for inspections.
  • Legal services in the field of tax accounting. Assistance in drawing up a notification to the tax authorities about opening an account in a foreign bank for foreign currency.
  • Representing the interests of the subject in the courtroom on a wide range of legal issues: challenging the results of the audit, proving innocence in the framework of charges of violation of currency legislation, and others.
  • Examination of documents required at each stage of the implementation of currency regulation.

Stages of working with the client within the framework of currency control

Stage 1. Collecting data about the client’s problems.

At this stage, our specialists receive basic primary information about the difficult situation in which an individual or a company found itself. As a rule, this stage consists of conducting an oral or written consultation, studying the available documents, as well as determining the goals and objectives of future work on the problem.

Stage 2. Initial work on the client’s problem.

Competent lawyers conduct an audit of existing documents, as well as, if necessary, request and collect additional materials relevant to the case.

Stage 3. Strategy development.

After searching and establishing the problem, professional lawyers are working on a plan to get out of the crisis situation in the interests of the client.

Stage 4. Practical work on the client’s problem.

At this stage, it is possible to send ready-made reports to authorized state authorities, conduct negotiations with banks, search for pre-trial settlement of the case or represent the client’s interests in court.

Stage 5. Analysis of the results of the work done.

Here the client receives further recommendations and a ready-made strategy to prevent violations of legislation in the field of currency regulation in the future.

The terms of work for each problem are individual. The time interval for finding a solution to the problem is discussed with each subject separately.

Why do customers choose VALEN?

Most of the clients that VALEN’s lawyers and accountants work with are representatives of foreign businesses. That is why our employees are competent specialists in matters of currency control.

We will accompany the client at all stages of currency control:

  • We will prepare and conduct an initial consultation.
  • We will answer all questions about the required package of documents.
  • We will explain the procedure and terms of currency control.
  • We will provide legal support during inspections of compliance with the law by both bank employees and authorized bodies.

How to get a service?

  1. Choose a service
  2. Fill in the form
  3. Our specialists
    will contact you
    for an initial consultation

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