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The New Rules for Carrying Cash across the Border of the Eurasian Economic Union Came into Force
February 17, 2020 12:19


(Source: https://storage.yvision.kz/images/publication)

The new rules for carrying cash across the border of the Eurasian Economic Union came into force; from now on, a customs declaration and documents on the origin of funds are required when crossing the border with an amount exceeding $ 100 thousand, as the Federal Customs Service of Russia reported.

“In case of failure to provide the relevant documents, the transfer of cash and (or) monetary instruments across the EAEU customs border is prohibited”, as the customs department reports.



It is also noted that money can be carried in any currency, but their origin should be confirmed only if the amount exceeds the equivalent of $ 100 thousand at the current exchange rate. Moreover, the new rule applies not only to cash, but also to monetary instruments, including travel and bank checks, bills and securities.

You can confirm the origin of money with the help of documents issued by the banks when performing transactions, withdrawing money from an account or applying for a loan, as well as with the help of documents confirming the conclusion of a civil law transaction (inheritance, gift, etc.). The decision on the mandatory confirmation of the origin of funds carried abroad the EAEU by the individuals, in case the equivalent of $ 100 thousand is exceeded, was made by the board of the Eurasian Economic Commission in early August 2019.



Before that, Federal Customs Service explained that the decision of the Economic Commission for Europe “was aimed at implementing the recommendation No. 32 “Cash Couriers” of the Financial Action Task Force on Money Laundering (FATF)”.

“Recommendation No. 32 was developed to provide the FATF member countries with measures to identify and stop the physical cross-border movement of cash and negotiable instruments paid on demand that can be used to finance terrorism or legalize proceeds of crime”, as the customs service’s message noted.




Author: Anna Dorozhkina

Tags: Russia International travel to Russia    

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