Responsibility for violation of currency legislation

For any state, currency regulation has always been an important part of ensuring state sovereignty and stability of the national financial and economic system. The same importance is attached to this issue in our country, where a special Law of the Russian Federation "On Currency Regulation" was adopted. This legislative act defines the tax authorities as an authorized institution of currency control, the main authority of which is the RF Ministry of Taxes and Levies. The law provides that liability for violation of currency legislation is implemented in accordance with the provisions of the Code of Administrative Offenses of the Russian Federation, in particular articles 15.25 and 23.60. In addition, the violation of the currency legislation is sanctioned in accordance with the requirements of the law mentioned above. The subject of its regulation are operations with currency resources, precious metals and securities, which are attributed to the exclusive competence of the state. Among the violations in the field of monetary and financial activity are:

- implementation of foreign exchange transactions by individuals and organizations that do not have the appropriate permits (licenses) to maintain these types of activities. Violations also include the activities of entities that, although they have received appropriate permits, conduct it with violations of the law. In particular, it was quite common to open residents' accounts, which was made with violations of the established procedure outside the borders of the Russian Federation. This violation provides for administrative punishment for natural persons and organizations in the form of a fine, the amount of which is determined depending on the size of the operation performed, ranging from 1/10 to one full size.

- violation of the order and timing of compulsory importation into the country of goods, the value of which is equal to the value of the money resources used for their payment. It is also a violation of non-return within the statutory time limits, transferred money resources. This violation entails responsibility for the violation of currency legislation in the form of the application of penalties in the amounts indicated in the previous paragraph;

- violation of the order and rules of crediting to the accounts of revenue, which is received for the export of goods, intellectual property products, services. Here the responsibility for violation of currency legislation provides for a fine, the amount of which is determined in accordance with the full cost of services provided, works or products of intellectual property.

- it also establishes liability for violation of currency legislation, if the established procedure for recording transactions in the area of foreign exchange activities is not observed. Equal violation is also the failure to submit reports on these transactions, the non-observance of the terms of storage of these documents. In this case, the administrative penalty is a fine ranging from 50 to 100 (for natural persons) and from 400 to 500 (for legal entities) SMIC.

The law granted the right to review cases of violations of currency legislation to tax authorities on their territorial competence. In addition, since these bodies are authorized to monitor compliance with the law on foreign exchange activities, they are themselves responsible for the violation of currency control.

Based on these grounds for prosecution, all tax authorities are required to hold residents accountable for violations in the area of foreign exchange activities.

In special cases, for violation of the rules of conducting foreign exchange operations, criminal liability is also provided. This responsibility occurs when there are no large amounts of foreign exchange resources left from outside the Russian Federation that are subject to crediting to the accounts of an authorized bank in the territory of the Russian Federation.