10.02.2015
Fines for illegal foreign currency operations increased in Belarus
MINSK (BelTA) – Fines for illegal foreign currency operations are increased in Belarus. Corresponding decree No. 49 “Concerning measures to regulate foreign currency operations” was signed by the Belarusian President on 9 February, BelTA learned from the press service of the head of state.
The document aims to prevent negative tendencies on the foreign currency and financial markets taking into account the increased demand for foreign currency, the press release of the press service reads.
In particular, the decree provides for the increase in administrative fines for the illegal purchase, sale, and exchange of foreign currency to 150 basic amounts; fines for recurrent violations will make up 200 basic amounts. Fines for illegal use of foreign currency as a means of payment will be raised to 100 basic amounts for individuals, 200 basic amounts for self-employed businessmen and legal entities. Fines for recurrent violations will make up 200 basic amounts and 300 basic amounts respectively.
Administrative fines for foreign currency operations conducted without an authorization from the National Bank will be increased to 100 basic amounts for individuals and to 200 basic amounts for self-employed businessmen and legal entities.
The document envisages possible confiscation of not only the foreign currency used in illegal operation but also the rest of the foreign currency and other money that the offender had in his possession at the moment of the offence.
Administrative sanctions will be also applied to those who make an attempt to buy, sale, and exchange foreign currency without a special permission (license) or state registration. As a result, persons involved in illegal foreign currency operations will be brought to responsibility.
The decree shall enter into force after its official publication and will be in effect until the law on introducing additions and amendments to the Administrative Violations Code of the Republic of Belarus and the Code of Execution Procedure for Administrative Violations of the Republic of Belarus is enacted.
The document aims to prevent negative tendencies on the foreign currency and financial markets taking into account the increased demand for foreign currency, the press release of the press service reads.
In particular, the decree provides for the increase in administrative fines for the illegal purchase, sale, and exchange of foreign currency to 150 basic amounts; fines for recurrent violations will make up 200 basic amounts. Fines for illegal use of foreign currency as a means of payment will be raised to 100 basic amounts for individuals, 200 basic amounts for self-employed businessmen and legal entities. Fines for recurrent violations will make up 200 basic amounts and 300 basic amounts respectively.
Administrative fines for foreign currency operations conducted without an authorization from the National Bank will be increased to 100 basic amounts for individuals and to 200 basic amounts for self-employed businessmen and legal entities.
The document envisages possible confiscation of not only the foreign currency used in illegal operation but also the rest of the foreign currency and other money that the offender had in his possession at the moment of the offence.
Administrative sanctions will be also applied to those who make an attempt to buy, sale, and exchange foreign currency without a special permission (license) or state registration. As a result, persons involved in illegal foreign currency operations will be brought to responsibility.
The decree shall enter into force after its official publication and will be in effect until the law on introducing additions and amendments to the Administrative Violations Code of the Republic of Belarus and the Code of Execution Procedure for Administrative Violations of the Republic of Belarus is enacted.