Belarus votes for ratification of SES currency control agreement

MINSK, 12 December (BelTA) – The House of Representatives of the National Assembly of Belarus adopted a draft law on the ratification of the agreement to develop cooperation between the currency control agencies of the participating states to the agreement on the coordinated principles of currency control in the Single Economic Space (SES), BelTA has learnt.

The bill was presented by First Deputy Chairman of the Board of the National Bank of the Republic of Belarus Nikolai Luzgin. The second speaker was Chairman of the Permanent Commission on Economic Policy Vladimir Kravtsov.

The draft law ratifies the agreement signed by the heads of government and central (national) banks of Belarus, Kazakhstan and Russia in Astana on 15 December 2011 to promote efficient cooperation on prevention and restraint of violations of the legislation in currency operations conducted by residents of the SES member states.

An exchange of information is envisaged including statistics on the volume of payments and transfer of funds in currency swaps between the residents of the SES member states, on the amount of bank accounts opened by them in these countries. Apart from that, joint analytical research, seminars and consultations, an exchange of experience and training of the personnel are offered to harmonize the approaches to currency control.

The provisions of the agreement stipulate that cooperation of the currency control bodies is based on the principles of law, reciprocity, efficiency and confidentiality. The exchange of documents and information does not contradict the banking and taxation regulations. According to the agreement, request for information and response will be provided in the Russian language.

It is believed that the agreement will provide a solid basis to uncover and prevent any violations of the currency legislation in the Single Economic Space.

The agreement is open for other states to join.