Law of the Republic of Belarus

(Unofficial translation)

 

Law of the Republic of Belarus

 No. 226-Z of July 22, 2003

[Amended as of January 5, 2016]

 

On Currency Regulation and Currency Control

 

Adopted by the House of Representatives on 25 June, 2003

Approved by the Council of Republic on 30 June, 2003

 

This Law establishes the basis of currency regulation and currency control for the purposes of ensuring the stability of the payment balance and Belarusian ruble, economic security, promoting the stable economic growth and development of international cooperation of the Republic of Belarus.

 

CHAPTER 1
GENERAL PROVISIONS

Article 1. Main Terms and Notions Applied in this Law

For the purposes of this Law the following main terms and notions are used:

1. Currency regulation – activity of state bodies (bodies of currency regulation) on establishing the order of circulation of currency valuables including the rules of possession, their usage and their disposal.

2. Currency control – activity of currency control bodies and currency control agents directed toward ensuring the observance by residents and non-residents of requirements of currency legislation of the Republic of Belarus.

3. Currency valuables:

foreign currency;

payment documents in foreign currency being such in accordance with the legislation of the Republic of Belarus;

securities in foreign currency;

Belarusian rubles when performing transactions between residents and non-residents in the territory of the Republic of Belarus, carrying out bank transfers between residents and non-residents, which are not related to carrying out international bank transfers between residents and non-residents, and also when bringing in or sending to the Republic of Belarus, taking out or sending from the Republic of Belarus, when non-residents perform operations which do not entail the transfer of ownership of Belarusian rubles on accounts and deposits in the banks and non-bank credit and finance organizations of the Republic of Belarus;

securities in Belarusian rubles at conducting transactions between residents and non-residents, transactions between non-residents on the territory of the Republic of Belarus, their import and remittance to the Republic of Belarus and export and remittance from the Republic of Belarus;

payment documents in Belarusian rubles when performing transactions between residents and non-residents, transactions between non-residents in the territory of the Republic of Belarus, when bringing in and sending to the Republic of Belarus, taking out and sending from the Republic of Belarus.

4. Foreign currency:

banknotes and coins being in circulation and being legal payment means in the relevant foreign state or group of states and also banknotes withdrawn or being withdrawn from circulation but subject to exchange;

assets in monetary units of foreign states and international money and settlement units being on accounts in banks and non-bank credit and financial organizations of the Republic of Belarus, in banks and other credit organizations beyond the Republic of Belarus.

5. Securities in foreign currency:

securities being such in accordance with legislation of the Republic of Belarus the nominal value of which is expressed in a foreign currency;

securities being such in accordance with legislation of the Republic of Belarus not having a nominal values and expressed in foreign currency;

securities issued by non-residents and being such in accordance with legislation of foreign states and not having a nominal values and expressed in foreign currency.

6. Securities in Belarusian rubles:

securities being such in accordance with legislation of the Republic of Belarus the nominal value of which is expressed in Belarusian rubles;

securities issued by non-residents and being such in accordance with legislation of foreign states the nominal value of which is expressed in Belarusian rubles;

securities issued by non-residents and being such in accordance with legislation of foreign states not having a nominal value and expressed in Belarusian rubles.

7. Residents:

natural persons – citizens of the Republic of Belarus and also foreign citizens and stateless persons having a permit for residence in the Republic of Belarus;

legal persons created in accordance with the legislation of the Republic of Belarus with location in the Republic of Belarus, and also their affiliates and representations, located outside the Republic of Belarus;

diplomatic and other official representations, consular establishments of the Republic of Belarus located beyond the Republic of Belarus;

Republic of Belarus and its administrative territorial units participating in relations regulated by currency legislation of the Republic of Belarus.

8. Non-residents:

natural persons – foreign citizens and stateless persons except for foreign citizens and stateless persons mentioned in paragraph two point 7 of this article;

legal persons created in accordance with the legislation of foreign states with location outside the Republic of Belarus, and also their affiliates and representations, located in and outside the Republic of Belarus;

organizations not being legal persons created in accordance with legislation of foreign states with the place of location beyond the Republic of Belarus and also their affiliates and representations, located in and outside the Republic of Belarus;

diplomatic and other official representations, consular establishments of foreign states located in the Republic of Belarus and abroad;

international organizations, their affiliates and representations;

foreign states and their administrative territorial units participating in relations regulated by currency legislation of the Republic of Belarus.

9. Export – transfer by a resident of the Republic of Belarus of goods, protected information, exclusive rights to results of intellectual activity, property for a lease, execution of works and rendering services at onerous basis to a non-resident of the Republic of Belarus;

10. Import – reception by a resident of the Republic of Belarus of goods, protected information, exclusive rights to results of intellectual activity, property for lease, works executed and services rendered at onerous basis from a non-resident of the Republic of Belarus.

 

Article 2. Currency Legislation of the Republic of Belarus

Currency legislation of the Republic of Belarus consists of this Law, normative legal acts of the President of the Republic of Belarus, laws of the Republic of Belarus, normative legal acts of the currency regulation and currency control bodies of the Republic of Belarus adopted in accordance within their powers that establish the order of circulation of currency values, rights and duties of residents and non-residents at carrying out currency transactions and the system of currency regulation and currency control bodies and currency control agents and their powers.

 

Article 3. Currency Legislation of the Republic of Belarus and Provisions of International Law

Legal norms contained in the treaties of the Republic of Belarus are a part of the currency legislation in force in the territory of the Republic of Belarus, are to be directly applied, except for the cases when the treaty states that the application of such norms requires adoption (issuance) of an intrastate normative legal act.

If a treaty of the Republic of Belarus establishes other rules than those provided by this Law, the rules of the treaty are applied.

 

Article 31. Calculation of Terms Set by the Currency Legislation of the Republic of Belarus

Calculation of terms set by the currency legislation of the Republic of Belarus is made in the order determined by the Civil Code of the Republic of Belarus.

 

CHAPTER 2
CURRENCY TRANSACTIONS AND THEIR FULFILLMENT

 

Article 4. Currency Transactions

Currency operations are:

transactions stipulating the use of foreign currency, securities in foreign currency, payment documents in foreign currency;

transactions between residents and non-residents stipulating the use of Belarusian rubles, securities in Belarusian rubles, payment documents in Belarusian rubles;

transactions between non-residents stipulating the use of Belarusian rubles, securities in Belarusian rubles, payment documents in Belarusian rubles, made in the territory of the Republic of Belarus;

bringing in or sending to the Republic of Belarus, taking out or sending from the Republic of Belarus of currency valuables;

bank transfers in foreign currency, not related to making settlements on transactions specified in indent 2 of this part;

bank transfers between residents and non-residents in Belarusian rubles, not related to making settlements on transactions specified in indent 3 of this part;

international bank transfers in Belarusian rubles between residents and non-residents;

operations of non-residents with Belarusian rubles on accounts and deposits in banks and non-bank credit and finance organizations of the Republic of Belarus, which do not entail the transfer of ownership of those Belarusian rubles;

operations with foreign currency on accounts and deposits in banks and non-bank credit and finance organizations of the Republic of Belarus, banks and other credit organizations outside the Republic of Belarus, which do not entail the transfer of ownership of that foreign currency;

Currency transactions carried out between residents and non-residents are divided into current currency transactions and currency transactions connected with capital flow.

 

Article 5. Current Currency Transactions

Current currency transactions are currency transactions carried out between residents and non-residents and providing:

carrying out settlements on transactions stipulating export and/or import of goods (with the exception of monetary funds, securities and immovable property), protected information, exclusive rights to intellectual activity results, works, services;

carrying out settlements on transactions stipulating the transfer and/or receipt of property into lease (leasing);

transfer and receipt of dividends and other income on investments;;

transactions of non-commercial character.

 

Article 6. Transactions of Non-Commercial Character

To operations of a non-commercial character pertain:

transfer and receipt of monetary funds for payment of salary, remuneration, stipends, pensions, alimonies, state benefits, fringe benefits, and compensations, and also monetary funds on compensation for harm;

transfer of monetary funds for payment of business trip expenses of employers outside the Republic of Belarus;

transfer and receipt of monetary funds making part of inheritance and monetary funds obtained from the realization of inherited property;

transfer and receipt of monetary funds connected with the death of citizens, including material aid for burial, transport and other expenses;

receipt of monetary compensations by victims of repressions, members of its families and heirs;

transfer of monetary funds connected with payments of maintenance of diplomatic and other official representations, consular institutions of the Republic of Belarus, located outside the Republic of Belarus;

receipt of monetary funds by courts, an international arbitration (court), law enforcing bodies, territorial notarial chambers, notaries, connected with their activities, and also by state bodies and other organizations when their officials perform notary acts;

transfer and receipt of monetary funds on the basis of court rulings and other procedural documents;

transfers connected with payment of registration, admission, membership fees in social, religious, international organizations, and also making other compulsory payments in relation with participation in international organizations;

Transfer and receipt of Belarusian rubles, foreign currency, transfer and receipt of other currency valuables on gift contracts (including in the form of donations), on contracts on providing gratuitous (sponsor) aid in accordance with the legislation of the Republic of Belarus;

receipt by residents from non-residents of currency valuables for storage;

transfers connected with payment of taxes, dues (duties) and other compulsory payments established by the legislation of the Republic of Belarus or legislation of foreign states, and also with return thereof;

transfers connected with payment to patent authorities of duties and other payments;

transfer and receipt of monetary funds connected with participation in conferences, seminars, sport events, exhibitions, fairs;

transfers connected with return of monetary funds mistakenly and/or excessively remitted;

other operations the list of which is determined by the President of the Republic of Belarus or, on his instructions, by the Council of Ministers of the Republic of Belarus, and also by treaties of the Republic of Belarus.

 

Article 7. Currency Transactions Connected with Capital Flow

Currency operations connected with capital flow are currency operations performed between residents and non-residents, which do not pertain to current operations.

 

Article 8. Carrying Out Currency Transactions by Banks and Non-Bank Credit and Financial Organizations

Banks and non-bank credit financial organizations:

carry out currency transactions being bank transactions on the basis of special permits (licenses) for bank activities issued by the National Bank of the Republic of Belarus (further – the National Bank);

carry out currency transactions not being bank transactions in order established by legislation for other legal persons –residents.

 

Article 9. Settlements under Currency Transactions

Settlements under currency transactions conducted between legal persons, legal persons and individual entrepreneurs and also between individual entrepreneurs are carried out in cashless form except for the cases provided by legislation acts of the Republic of Belarus and (or) normative legal acts of the National Bank.

Settlements under currency transactions with the participation of natural persons not connected with carrying out of entrepreneurial activity by them, may be conducted in cash money or in cashless form in the order established by the legislation.

 

Article 10. Carrying Out Current Currency Transactions and Currency Transactions Connected with Capital Flow

Current currency transactions are carried out between the residents and non-resident in order established by legislative acts of the Republic of Belarus and (or) normative legal acts of the National Bank without any limitations, unless otherwise established by the President of the Republic of Belarus.

Residents carry out currency transactions connected with capital flow on the basis of permits of the National Bank, if otherwise is not established by this Law or by the President of the Republic of Belarus. For carrying out the mentioned currency transactions by non-residents the reception of permits of the National Bank is not needed.

For holding currency transactions connected with capital flow the permit of the National Bank is required for natural persons – residents (except for the natural persons acting as individual entrepreneurs at holding the given transactions and natural persons mentioned in part four of this article) only in the following cases:

acquiring of shares at their distribution among the founders and also shares in statutory fund or share in non-resident’s property;

acquiring at non-resident of securities issued by non-residents except for acquiring of shares at their distribution among the founders;

acquiring of the property located beyond the territory of the Republic of Belarus and referred to immovable property by legislation of the Republic of Belarus;

allocation of money assets in banks and other credit organizations of foreign states;

granting loans for the term exceeding 180 days;

transfer of monetary funds on transactions stipulating trust of currency valuables.

No permit of the National Bank for holding of currency transactions connected with capital flow to the natural persons – residents constantly living (being) beyond the Republic of Belarus for more than one years is needed, if holding such transaction is not connected with entrepreneurial activity on the territory of the Republic of Belarus.

The permit of the National Bank is nor required for performance by legal persons – residents and individual entrepreneurs – residents of the following currency operations connected with the movements of capital:

carrying out payments to non-residents on obligations stipulating the transfer to a resident of the property located in the territory of the Republic of Belarus, which pertains to immovable property according to the legislation of the Republic of Belarus, or of rights thereto;

sale to a non-resident of a share in the statutory fund or a stake in the property of a resident;

making operations with securities issued by residents;

formation of the statutory fund of a legal person – resident at the expense of contributions of non-residents in foreign currency, Belarusian rubles or in securities denominated in foreign currency, in securities denominated in Belarusian rubles in the order established by the legislation of the Republic of Belarus;

attraction of funds for covering the deficit of the republic budget and return of those funds in accordance with the law on republic budget for the next financial year;

attraction of funds against guarantees of the Government of the Republic of Belarus and return of those funds;

attraction of funds within the framework of intergovernmental agreements and return of those funds;

carrying out of other payments for repayment and servicing of external national debt of the Republic of Belarus, not indicated in indents 6 – 8 of this part;

carrying out operations for which the National Bank has established a notification-based and/or registration-based procedure of their performance;

carrying out transfers of monetary funds, connected with purchase of competitive-bidding (tender) documents and participation in trading (competitive biddings, tenders, auctions);

receiving credits and/or loans by banks and non-bank credit and finance organizations.

The order of performing the settlements under the current currency transactions and currency transactions connected with capital flow is established by the National Bank.

 

Article 11. Use of Foreign Currency, Securities in Foreign Currency and Payment Documents in Foreign Currency at Carrying Out Currency Transactions between Residents

It is banned to use foreign currency, securities in foreign currency and (or) payment documents in foreign currency at holding currency transactions between the residents except for the cases established by this Law and other acts of currency legislation.

In relations between legal persons – residents at carrying out of currency transactions it is permitted to use foreign currency, securities in foreign currency in cases:

attraction of funds to the budget on a temporary basis, return of those funds and interest for using them in accordance with the law on republic budget for the next financial year and decisions of regional and Minsk City Councils of Deputies for the next financial year;

carrying out payment from the budget for the purposes determined by the law on republic budget for the next financial year and decisions of regional and Minsk City Councils of Deputies for the next financial year.

In relations between the natural persons –residents not acting as individual entrepreneurs at holding the currency transactions it is permitted to use foreign currency, securities in foreign currency and payment documents in foreign currency in cases of:

giving as a gift (including as a donation) and also abolishing the gift;

giving loans, return of loans and interests for using them;

transferring for storage and their return.

 

Article 12. Currency Exchange Transactions and Procedure of Their Conducting

The following are referred to as currency exchange transactions:

transactions on exchange of foreign currency to Belarusian rubles and (or) exchange of Belarusian rubles to foreign currency under the established exchange rates (sale-purchase of foreign currency);

transactions on exchange of one kind of foreign currency to other kind of foreign currency under the established exchange rates (conversion of foreign currency);

other transactions determined by the National Bank.

Currency exchange transactions on the territory of the Republic of Belarus are carried out through banks and non-bank credit and financial organizations that have received the relevant special permits (licenses) of the National Bank for bank activities.

Currency-exchange operations with participation of natural persons are carried out with registration of the details of an identity document of those persons unless otherwise provided by the legislative acts of the Republic of Belarus on prevention of legalization of incomes obtained through criminal ways, financing terrorist activity and financing dissemination of mass destruction weapons.

The sale and purchase and (or) conversion of foreign currency can be carried out at the currency exchanges and at the non-exchange currency market.

The National Bank can establish the marginal rates of the exchange rates under which the sale and perchance and (or) conversion of foreign currency is carried out at the internal currency market of the Republic of Belarus.

The order of carrying out of currency exchange transactions and also the conditions of their reference to the transactions carried out at internal currency market of the Republic of Belarus are established by the National Bank.

 

Article 13. Obligatory Sale of Foreign Currency

Obligatory sale of foreign currency at internal currency market of the Republic of Belarus is carried out by legal persons –residents and individual entrepreneurs –residents. Cases and size of obligatory sale of foreign currency and also cases of full or partial exemption of legal persons and individual entrepreneurs from obligatory sale of foreign currency are established by the President of the Republic of Belarus.

The order of obligatory sale of foreign currency is established by the President of the Republic of Belarus and in cases determined by him also by other state bodies.

 

Article 14. Importation into the Republic of Belarus and exportation from the Republic of by Natural Persons Currency Valuables

Importation into the Republic of Belarus and exportation from the Republic of Belarus of currency valuables are carried out by natural persons without restrictions subject to observance of requirements of customs legislation of the Customs Union and the legislation of the Republic of Belarus on customs regulation.

 

Article 15. [Excluded]

 

Article 16. Settlements Between Non-Residents in Belarusian Rubles and Foreign Currency on the Territory of the Republic of Belarus

Settlements between non-residents in Belarusian rubles and (or) foreign currency held under the accounts opened in the banks and non-bank credit and financial organizations of the Republic of Belarus are carried out without limitations, if it does not contradict to regime of accounts of non-residents established by normative legal acts of the National Bank.

In the accounts between non-residents conducted under accounts opened in banks and non-bank credit and financial organizations of the Republic of Belarus any foreign currency the official rate of Belarusian ruble to which is established by National Bank can be used.

 

Article 17. Deals with Securities in Belarusian Rubles and Securities in Foreign Currency Conducted Between Non-Residents on the Territory of the Republic of Belarus

Deals with securities in Belarusian rubles and securities in foreign currency between non-residents are conducted on the territory of the Republic of Belarus without limitations, if otherwise is not established by legislative acts of the Republic of Belarus.

 

CHAPTER 3

OPENING OF ACCOUNTS BY RESIDENTS AND NON-RESIDENTS

 

Article 18. Accounts of Residents and Non-Residents in the Republic of Belarus

Residents and non-residents have the right to open in banks and non-bank credit and financial organizations of the Republic of Belarus accounts in Belarusian rubles and any foreign currency, official rate of Belarusian ruble to which is established by the National Bank, in order determined by the National Bank.

 

Article 19. Accounts of Residents Beyond the Republic of Belarus

Residents may open accounts in foreign currency and in Belarusian rubles in banks and other credit organizations beyond the Republic of Belarus while observing the order and terms established by the National Bank with regard to provisions specified by part 2 of this article.

A permit of the National Bank for opening accounts in banks and other credit organization beyond the Republic of Belarus by natural persons-residents is not required at the time of their residency (being) abroad the Republic of Belarus.

 

CHAPTER 4

BODIES OF CURRENCY REGULATION AND THEIR POWERS

 

Article 20. System of Bodies of Currency Regulation in the Republic of Belarus

The President of the Republic of Belarus determines the system of bodies of currency regulation of the Republic of Belarus and takes other measures to carry out the currency regulation in accordance with the Constitution of the Republic of Belarus.

If otherwise is not determined by the President of the Republic of Belarus, bodies of currency regulation in the Republic of Belarus are the Council of Ministers of the Republic of Belarus and the National Bank.

 

Article 21. Powers of the National Bank as a Body of Currency Regulation

The National Bank as a body of currency regulation within its competence:

establishes the official rates of Belarusian ruble to other currencies;

regulates the circulation of currency valuables on the territory of the Republic of Belarus;

establishes the order of opening, conducting and regime of accounts of residents and non-residents in banks and non-bank credit and financial organizations in foreign currency;

establishes the order of opening, conducting and regime of accounts of non-residents in banks and non-bank credit and financial organizations in Belarusian rubles;

establishes the order and terms of opening by residents of accounts in Belarusian rubles and foreign currency in banks and other credit and financial organizations beyond the Republic of Belarus;

establishes the order of conducting of currency transactions between residents and non-residents;

establishes the rules of exchange trade of foreign currency;

establishes the forms of accountability, conducting the account and statistics of currency transactions and also the order and terms for submitting necessary information on currency transactions to the National Bank for drawing up payment balance of the Republic of Belarus and for other purposes;

determines in accordance with this Law and other legislative acts the functions of currency control agents that may be laid on the banks and non-bank credit and financial organizations;

bringing in accordance with legislation the banks and non-bank credit and financial organization to accountability for violation of currency legislation;

issues permits for carrying out currency transactions in the cases established by this Law and other acts of legislation of the Republic of Belarus;

in cases and in the frameworks provided by legislative acts adopts normative legal acts containing the rules of currency legislation including together with other bodies of currency regulation and currency control;

exercises other powers established by this Law and other legislative acts of the Republic of Belarus.

 

Article 22. The Council of Ministers of the Republic of Belarus as a Body of Currency Regulation

The Council of Ministers of the Republic of Belarus interacts with the National Bank on questions of currency regulation.

The Council of Ministers of the Republic of Belarus as a body of currency regulation within its competence:

establishes the norms and order of sending currency valuables by natural persons into the Republic of Belarus and outside its limits;

adopts normative legal acts containing the rules of currency legislation in cases provided by legislative acts;

exercises other powers established by this Law and other laws of the Republic of Belarus and acts of the President of the Republic of Belarus.

 

CHAPTER 5

CURRENCY CONTROL

 

Article 23. Main Directions of Currency Control

Main directions of currency control are the following:

determination of compliance of currency transactions carried out to currency legislation;

ensuring the control over moving of foreign currency and other currency valuables across the customs border of the Customs Union;

prevention to legalization of incomes obtained illegally, financing the terrorist activity and other extremist activity;

check of completeness and validity of account and book-keeping under currency transactions;

analysis of account (book-keeping) information and information about currency transactions.

 

Article 24. Currency Control Bodies and Their Powers

Currency control bodies in the Republic of Belarus are the Council of Ministers of the Republic of Belarus, National Bank, Committee of State Control of the Republic of Belarus (later on - the Committee of State Control) and State Customs Committee of the Republic of Belarus (later on - the State Customs Committee), unless otherwise determined by the President of the Republic of Belarus.

The Council of Ministers of the Republic of Belarus as a body of currency regulation determines the powers of national state bodies and other state organizations accountable to the Government of the Republic of Belarus, oblast (Minsk City) executive committees on questions of carrying out by them the functions of currency control agents and performs other functions provided by this Law and other legislation.

The National Bank as a currency control body carries out currency control over conducting of currency transactions by banks and non-bank credit and financial organizations, the Open Joint-Stock Company “Development Bank of the Republic of Belarus” and performs other functions provided by this Law and other legislation.

Committee of State Control as a currency control body forms on the basis of information received from other currency control bodies and also currency control agents the databank on questions of currency control, within its competence carries out the control over fulfillment by currency control bodies and agents of their functions and performs other functions provided by this Law and other legislation.

State Customs Committee as a currency control body carries out organization of currency control over moving by the residents and non-residents across the customs border of the Customs Union of currency valuables, and also other functions provided by this Law and other legislation.

While carrying out the currency control currency control bodies within their competence have the right:

to conduct, in order established by legislation, the checks of execution of currency transactions by residents and non-residents, of completeness and validity of accountability and account under currency transactions, and if there are reasons, of legality of origin of currency valuables;

to carry out the control over timeliness of submission by the residents and non-resident of accountability under currency transactions and their compliance with the requirements of currency legislation;

to obtain, in the established order, documents containing information about currency transactions when carrying out examinations;

to suspend the transactions under accounts of resident and non-residents in banks and non-bank credit and financial organizations of the Republic of Belarus in cases and order established by legislative acts of the Republic of Belarus;

to apply sanctions to residents and non-residents for violation of currency legislation including collection of fines in cases and order established by legislation;

to perform other functions provided by legislation.

 

Article 25. Coordination of Activity of Currency Control Bodies

Coordination of activity of currency control bodies authorized in accordance with legislation to carry out the currency control is carried out by the Committee of State Control.

The currency control bodies have the right to jointly carry out the control over executing of currency transactions by residents and non-residents, the currency of control of which is within their competence.

A currency control body having received a confirmed information on violation of currency legislation by the resident or non-resident, the currency control of whose activity is not in its competence, shall transfer the mentioned documents to the relevant currency control body.

Currency control bodies transfer to the Committee of State Control the information necessary to it in order to carry out the currency control in accordance with the order and terms established by legislation.

Drafts of legislative acts on questions of currency regulation and currency control are subject to preliminary agreeing with the Council of Ministers of the Republic of Belarus, the National Bank and the Committee of State Control.

 

Article 26. Currency Control Agents

Currency control agents in the Republic of Belarus are the national state bodies and other state organization accountable to the Government of the Republic of Belarus, oblast (Minsk City) executive committees, customs, banks and non-bank credit and financial organizations, if otherwise is not determined by the President of the Republic of Belarus.

Banks and non-bank credit and financial organization are currency control agents accountable to the National Bank of the Republic of Belarus.

National state bodies and other state organizations accountable to the Government of the Republic of Belarus, oblast (Minsk City) executive committees are currency control agents accountable to the Council of Ministers of the Republic of Belarus.

Customs are currency control agents accountable to the State Customs Committee.

 

Article 27. Functions of Banks and Non-Bank Credit and Financial Organizations as Currency Control Agents

Banks and non-bank credit and financial organizations carry out the control over execution of currency transactions by their clients.

Order of carrying out the currency control by banks and non-bank credit and financial organization is established by legislative acts of the Republic of Belarus and (or) normative legal acts of the National Bank.

Banks and non-bank credit and financial organizations as agents of currency control have the right:

exercise control over completeness and timeliness of submission by the customers of the information related to currency operations and its compliance with the requirements of the currency legislation;

to carry out the control over compliance of carrying out the currency transactions with the requirements of currency legislation;

to receive documents, explanations, certificates and information on carrying out the currency transactions;

to carry out other functions provided by legislation.

Bank and non-bank credit and financial organization have no right to carry out the instructions of the resident or non-resident on transferring the money assets from their accounts:

if such transfer does not comply with the regime of resident’s or non-resident’s account functioning;

if holding such a currency transaction is allowed only if there is a permit of the National Bank, but such a permit is not submitted by the resident or non-resident;

if the resident or non-resident has not submitted documents specified by the requirements of normative legal acts of the National Bank or the submitted documents do not comply with such requirements;

in other cases established by legislative acts of the Republic of Belarus and/or normative legal acts of the National Bank.

At reception by the resident or non-resident of money assets under the currency transaction held with violation of legislation of the Republic of Belarus, banks and non-bank credit and financial organizations, if otherwise is not established by legislative acts of the Republic of Belarus, shall put the money assets at the account of such a resident or non-resident while notifying the relevant Currency Control Bodies.

The order and terms of the notification by banks and non-bank credit and financial organizations of the Currency Control Bodies are established by the National Bank.

 

Article 28. Functions of the National State Bodies and Other State Organizations Accountable to the Government of the Republic of Belarus, Oblast (Minsk City) Executive Committees as Currency Control Agents

National state bodies and other state organizations accountable to the Government of the Republic of Belarus, oblast (Minsk City) executive committees as currency control agents within their competence in accordance with legislation:

carry out the control over return to the Republic of Belarus and use by legal persons subordinated (accountable, making part of) to them and also by individual entrepreneurs of the earnings from export;

take measures on elimination by legal persons subordinated (accountable, making part of) to them and also individual entrepreneurs of the revealed violations of currency legislation;

submit information on external economic activity of legal persons subordinated (accountable, making part of) to them and also individual entrepreneurs in order and terms established by legislation;

carry out other functions provided by currency legislation.

 

Article 29. Functions of Customs as Currency Control Agents

Customs as agents of currency control shall:

conduct customs control of goods being exported (imported) and carry out their release in the order determined by the legislation;

control the accuracy of registration of documents at export (import) of goods;

carry out the control over observance of legislation regulating the order of import and export of currency valuables;

carry out other functions provided by currency legislation.

 

Article 30. Observance of Commercial or Bank Secret

Currency Control Bodies and currency control agents and also their employees shall keep commercial or bank secret of the residents and non-residents that became known to them at carrying out the currency control.

 

CHAPTER 6

RIGHTS AND DUTIES OF RESIDENTS AND NON-RESIDENTS

 

Article 31. Rights of Non-residents Carrying out in the Republic of Belarus of Currency Transactions and Rights of Residents

Non-residents carrying out the currency transactions in the Republic of Belarus and resident have the right to:

familiarize with the acts (certificates) of checks held by Currency Control Bodies and (or) currency control agents;

submit written objections in case of not agreeing with the facts set forth in the acts of the check held by currency control bodies and (or) currency control agents. Written objections on not agreeing with the facts set forth in the act of the check are attached to the act of the check;

appeal against the actions of Currency Control Bodies and (or) currency control agents and their officials in order established by legislation of the Republic of Belarus ;

to carry out other actions not contradicting to legislation of the Republic of Belarus.

 

Article 32. Duties of Non-Residents Carrying out Currency Transactions in the Republic of Belarus and Duties of Residents

Non-residents carrying out currency transactions in the Republic of Belarus shall:

carry out currency transactions in accordance with legislation of the Republic of Belarus;

submit to Currency Control Bodies and currency control agents requested document and information on carrying out the currency transactions except for the cases established by legislative acts of the Republic of Belarus;

conduct account and submit accountability on currency transactions held in cases and order established by legislation of the Republic of Belarus;

fulfill instructions of the Currency Control Bodies and currency control agents on elimination of the revealed violations;

carry out other actions provided by legislation of the Republic of Belarus.

Duties to conduct and account and submit accountability on currency transactions held by natural persons not connected with entrepreneurial activity can be laid on such natural persons only in cases provided by legislative acts.

 

CHAPTER 7

FINAL PROVISIONS

 

Article 33. Entrance of this Law into Force

This Law enters into force in three months after its official publication.

 

Article 34. Bringing Acts of Legislation in Accordance with this Law

The Council of Ministers of the Republic of Belarus and the National Bank in six months term from the day of entrance into force of this Law shall:

provide bringing the normative legal acts in accordance with this Law;

take other measures needed for realization of provisions of this Law.

Before bringing legislation of the Republic of Belarus in accordance with this Law it is applied in the part not contradicting to this Law, if otherwise is not established by the Constitution of the Republic of Belarus.

 

President of the Republic of Belarus                                                                                                                                                                                                                        A. Lukashenko

 

* unofficial translation *