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Cancellation of currency control

Отмена валютного контроля

Sergey Drobyshevsky, Koval, Alexandra (Коваль, Александра) (), Levashenko, Antonina (Левашенко, Антонина) (), Pavel Trunin and Sergey Sinelnikov-Murylev
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Koval, Alexandra (Коваль, Александра): The Russian Presidential Academy of National Economy and Public Administration
Levashenko, Antonina (Левашенко, Антонина): The Russian Presidential Academy of National Economy and Public Administration

Published Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: In Russia today, currency restrictions remain that do not correspond to the realities of a market economy and create obstacles for Russian business and citizens: the requirement of repatriation and restrictions on the use of foreign accounts. The main argument in favor of maintaining currency control is its need for macroeconomic stability, tax administration and anti-money laundering. But currency control is not the determining factor for capital outflow, and in a crisis situation restrictions on cross-border financial transactions can be introduced in the absence of currency control. This report contains a set of measures to abolish currency restrictions and improve the system of tax administration and control over money laundering. For tax control purposes, it is advisable to use tax legislation and tools for the international exchange of information. In order to combat money laundering, it is necessary to improve the risk management system and develop international cooperation among regulatory bodies.

Pages: 84 pages
Date: 2019-01
New Economics Papers: this item is included in nep-cis, nep-mon and nep-tra
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