Russia to Tighten Cash Transactions Control

In Russia, on January 10, 2021, the amendments to the Federal Law “On Counteracting the Legalization of Criminally Obtained Incomes and the Financing of Terrorism” come into force, which tighten control over Russian cash transactions, KazanFirst reports. 

It is noted that the amendments are aimed at strengthening control over cash transactions in the amount of 600 thousand rubles or more. Also, mandatory control of postal transfers, cash withdrawals credited to the balance of a mobile phone, in the amount of more than 100 thousand rubles, is introduced.

It is clarified that from 2022 cash and non-cash settlements for real estate transactions will be under control, and the amount for this should be more than 3 million rubles. All the information will be forwarded to the Federal Financial Monitoring Service (Rosfinmonitoring), which is involved in combating money laundering.

Ru-Main, 10.01.2021 

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