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August 08 2019

Individuals will be required to disclose to the customs the origin of the funds when declaring more than $ 100 thousand

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Individuals will be required to disclose to the customs the origin of the funds when declaring more than $ 100 thousand

The innovation will be one of the financial measures to combat money laundering.
Individuals will be required to provide documents confirming the origin of the funds when declaring more than $ 100 thousand at the borders of the countries of the Eurasian Economic Union. This is stated in the message of the Eurasian Economic Commission (ECE).
The Board adopted this decision at the meeting of 6 on August. The ECE explained to TASS that the decision comes into force in 180 calendar days from the date of publication on the commission's website.
"The EEC Board has established that during the customs declaration by individuals of cash and monetary instruments, documents must be submitted to confirm their origin in excess of the total amount equivalent to $ 100 thousands," the statement said.
As TASS was previously explained by the press service of the Federal Customs Service of the Russian Federation (FCS), this measure is aimed at implementing the 32 Cash Couriers recommendation of the Financial Action Task Force on Money Laundering (FATF), aimed at creating ways to counter the financing of terrorism and money laundering.
Moreover, according to the EAEU Customs Code, at the moment, cash or traveller's checks are subject to mandatory customs declaration, the total amount of which exceeds $ 10 thousand for one-time import or export.

A source: https://tass.ru/ekonomika/6741453

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