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The country's leading bank has announced the adoption of a new version of the law on regulation and exchange control next year. Among other measures, it is planned to lift restrictions on individuals to open accounts in foreign banks. National Bank Vice-President Sergey Kalechits made the statement, according to BelaPAN.
"In 2019, it is planned to lift the restrictions on the opening of accounts in foreign banks by private individuals and the establishment of registration procedures for legal entities carrying out foreign exchange transactions related to foreign currency. movements of capital ", listed the innovations envisaged.
Recall the liberalization of the foreign exchange market with regard to foreign accounts, the National Bank announced for the first time at the beginning of this year.
In principle, Belorussians can now open accounts, for example, make deposits abroad. However, for this you must obtain the permission of the National Bank. You do not need to get permission if the person resides abroad or, for example, has a long-term visa. At the same time, when returning home, it is necessary to close the account and transfer the balance to Belarus or obtain permission from the National Bank to open an account.
Nowadays, in practice, there are situations in which people have accounts in foreign banks but do not receive the authorization of the National Bank to open them because they do not understand the existing procedure.
– The procedure of obtaining the authorization is simple and clear, but it is an additional obstacle in the minds of people. It is the control of the banking system on their finances, not even their own bank, but the National Bank. The actions of the National Bank for the cancellation of authorizations not only legalize existing relations, but also completely reform the approach to controlling the movement of funds of citizens, Sergey Mashonsky, Senior Partner of the law firm Arzinger & Partners, member of the working group on the image of the Advisory Board for Foreign Investment in the Council of Ministers of the Republic of Belarus.
The cancellation of permits will also affect business. For legal entities, the necessary authorization will be replaced today by the registration of currency transactions related to capital movements (and this is all transactions between residents and non-residents). residents who do not relate to current operations).
"This will speed up the settlement of foreign trade transactions of Belarusian companies and facilitate the obtaining of loans. The pbadage of an authorization order to an order to open accounts abroad, the increase of the time limit of completion of foreign trade operations, l & # 39; 39, abolishing the mandatory sale of foreign exchange gains are all positive signals that the state gives to the current and potential investor, said Sergey Mashonsky.
For example, if a businessman comes to negotiate in Switzerland and makes an agreement there, he does not need to return to Belarus, receive the authorization of the National Bank, and then return to Switzerland to open an account: he can immediately open an account and start working.
According to the expert, the changes made to the foreign exchange legislation with regard to obtaining authorizations from the National Bank will entail the need to adapt legislation on administrative and criminal liability. Today, the lack of authorization from the National Bank can lead a manager of a legal person or an individual entrepreneur to a fine of up to 50 fundamental values (today 1212 rubles) and even a liability. in the case of account opening and transactions occurring within one year of resumption of prosecution for a similar offense. For individuals, only administrative responsibility is badured – from 5 to 35 basic units.
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