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The EEC approved a decision on a cash export limit without supporting documents of $ 100 thousand.

"The EEC Board has established that when customs declaration of cash and monetary instruments by individuals is required, documents must be submitted to confirm their origin in excess of the total amount equivalent to $ 100 thousand," the EEC official website said in a statement.

Earlier, a source familiar with interdepartmental correspondence on this issue informed Interfax about the approval by national departments of this decision. In particular, the decision was agreed by the Ministry of Internal Affairs, the Prosecutor General’s Office, the Investigative Committee, the Ministry of Finance, the Ministry of Economic Development and Rosfinmonitoring.

As previously reported to Interfax by the FCS, the Federal Customs Service of Russia also participated in the discussion of the draft decision of the Eurasian Economic Commission (EEC, supranational regulatory authority of the EAEU) on the establishment of cases of submission of documents confirming the origin of cash and / or monetary instruments.

"At present, as a case in which it will be necessary to submit supporting documents, we consider moving over the EAEU customs border of cash and / or monetary instruments by one person in the amount of more than $ 100 thousand," the FCS noted in February.

The project aims to implement recommendation 32 "Cash Couriers" of the Financial Action Task Force on Money Laundering (FATF), the FCS explained. Recommendation 32 was designed to provide countries with measures to detect the physical movement of cash and bearer negotiable instruments across the border, as well as legal powers to stop or delay such movements if they are suspected of financing terrorism or money laundering.

The EEC, in turn, previously explained to Interfax that the function of determining the limit above which one will need, when moving cash across the EAEU customs border, to show confirmation of its origin is assigned to the commission by the new Union Customs Code (Article 261, paragraph 1, subparagraph 9). The commission also noted that the introduction of such a measure is being discussed within the framework of the FATF standards, which all EAEU countries have joined.

According to the current legislation, cash equivalent of $ 10 thousand and above is subject to declaration.

Interfax, tks.ru 7 August 2019