Eurasia imposes New rules for transporting money across the border to counter Terrorism, Corruption

MOSCOW: Eurasian Economic Union ( EAEU ) has imposed new rules for transporting money across borders to counter Terrorism and legalize criminal proceeds of corruption in the Eurasian region.

Official members of the EAEU  includes five countries - Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. In the countries of the Eurasian Economic Union ( EAEU ), new rules for the transfer of cash across the border have come into force. They will affect individuals.

With the new rules, it will be necessary not only to declare the funds transported if the amount exceeds 100 thousand dollars, but also to confirm the origin of the money.

The requirement also applies to checks, promissory notes and unregistered securities that can be cashed, reported to the Federal Customs Service .

To explain the origin of the funds, it will be necessary to submit bank documents on conversion transactions, withdrawing funds from the account, obtaining a loan or documents confirming the conclusion of civil law transactions (for example, inheritance or gift).

The Eurasian Economic Commission decided on new rules in August last year. The changes are designed to stop the movement of cash that can be used to finance terrorism or legalize criminal proceeds. The source said.

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