Transportation of money across the EAEU border has been strengthened
Starting this year, new rules for the countries of the Eurasian Economic Union came into force. Now the transportation of money across the border for individuals will be clearly regulated. If earlier it was necessary only to declare means for the sum, more than 100 thousand dollars, now it is still necessary to confirm a source of origin of these means. The new rules also apply to securities of an unknown type, various checks and bills of exchange that can be cashed.
According to the new rules, when declaring money at the customs it is necessary to specify the amount of imported funds or the nominal value, if it concerns securities. The figure can be specified in the currency of the EAEU member state or in any other currency. It is important to specify the right to receive the specified capital in the declaration.
In the situation if the nominal value is not fixed and it is not possible to determine the imported amount in the currency of the EAEU member state, then the declaration simply indicates the amount of money.
In order to confirm the origin of finances, it is necessary to present bank statements with conversion operations, the process of withdrawal of money from the account, documents confirming the registration of a loan or civil law transactions, which include inheritance or gift.
The new requirements were approved at the end of last summer. The Commission believes that the purpose of the changes is to prevent the illegal transfer of financial assets, which could later be used as payment for terrorist operations or laundering of income acquired by illegal means, in the Eurasian Union. These rules apply to all member states of the EAEU – Russia, Kyrgyzstan, Belarus, Kazakhstan and Armenia.
The Eurasian Economic Union became fully operational in 2015, when all five member states joined the community and set common goals for a comprehensive partnership. This union aims to simplify the procedure for import and export of products, services, labor movement, as well as assistance in solving economic problems. The Alliance enables partner States to count on comprehensive support to strengthen markets as well as improve living standards.
In 2017, Moldova joined the EAEU as the first observer country. This allowed simplifying export and import procedures and strengthening economic ties between the states. According to Moldova’s representatives, they see great prospects in cooperation with the EAEU, first of all within the framework of investments, especially since the country has created excellent conditions for this and simplified the tax burden.
The Eurasian Economic Union is set to further modernize the legislative system in order to ensure the transparency and security of all the transactions between the states.
