The main areas of currency control of the Republic of Belarus are:
determination of the conformity of currency transactions with foreign exchange legislation; ensuring control over the movement of foreign currency and other currency values across the customs border of the Republic of Belarus; preventing the legalization of illegally obtained income; verification of the completeness and reliability of accounting and reporting on foreign exchange transactions; analysis of accounting data, reporting and information on foreign exchange transactions.
Currency control in the Republic of Belarus is carried out by currency control bodies and agents.
Currency control bodies in the Republic of Belarus are the Council of Ministers of the Republic of Belarus, the National Bank, the State Control Committee of the Republic of Belarus, and the State Customs Committee.
The Council of Ministers of the Republic of Belarus, as a currency control body, determines the competence of republican government bodies and other state organizations subordinate to the Government of the Republic of Belarus, regional executive committees on the implementation of the functions of currency control agents, performs other functions provided for by currency legislation.
The National Bank, as a currency control body, exercises currency control over the performance of foreign exchange transactions by banks and non-bank credit and financial organizations, performs other functions provided for by foreign exchange legislation.
The State Control Committee, as a currency control body, forms, on the basis of information received from other currency control bodies, as well as currency control agents, a database on currency control issues, within its competence, it exercises control over the performance by currency control bodies and currency control agents of their functions.
The State Customs Committee, as a currency control body, organizes currency control over the movement of currency values by residents and non-residents across the customs border of the Republic of Belarus, as well as other functions provided for by currency and other legislation.
When exercising currency control, currency control bodies, within their competence, are entitled to:
conduct, in the manner prescribed by law, checks on the implementation by residents and non-residents of foreign exchange transactions, the completeness and reliability of accounting and reporting on foreign exchange transactions, and, if there are grounds, the legality of the origin and movement of currency values; to monitor the timeliness of the submission by residents and non-residents of reports on foreign exchange transactions and the compliance with its requirements of currency legislation; receive documents containing information on foreign exchange transactions in the established manner during inspections; suspend operations on accounts of residents and non-residents in banks and non-bank financial institutions of the Republic of Belarus in cases and in the manner established by law; apply sanctions to residents and non-residents for violation of currency legislation, including the collection of fines, in cases and in the manner established by law; to carry out other functions provided for by law.
The coordination of the activities of currency control bodies authorized in accordance with the legislation to control foreign trade operations is carried out by the State Control Committee of the Republic of Belarus.
Currency control bodies have the right to jointly control the conduct of foreign exchange operations by residents and non-residents, currency control over the activities of which is the responsibility of these bodies.
The currency control body, which has received documented information about the violation of currency legislation by a resident or non-resident, the currency control over the activities of which is not within the competence of this body, is obliged to transfer these documents to the appropriate currency control body.
The agents of currency control in the Republic of Belarus are republican government bodies and other state organizations subordinate to the Government of the Republic of Belarus, regional executive committees, customs, banks and non-bank financial institutions.
Banks and non-bank financial institutions are currency control agents accountable to the National Bank.
Republican government bodies and other state organizations subordinate to the Government of the Republic of Belarus, regional executive committees are currency control agents accountable to the Council of Ministers of the Republic of Belarus.
Customs are currency control agents accountable to the State Customs Committee.
Banks and non-bank financial institutions exercise control over the conduct of foreign exchange transactions by their customers.
The procedure for exercising currency control by banks and non-bank credit and financial organizations is established by legislative acts of the Republic of Belarus and (or) regulatory legal acts of the National Bank.
Banks and non-bank financial institutions, as currency control agents, perform the following functions:
control over the timeliness of reporting on foreign exchange transactions and compliance with its requirements of currency legislation; control over compliance of currency transactions conducted by customers with the requirements of currency legislation; receipt of documents, explanations, inquiries and information on foreign exchange transactions; suspension of operations on clients’ accounts opened with them for the amount for which documentation on transactions is not provided.
The Bank and the non-bank credit and financial organization are not entitled to comply with the order of the resident or non-resident to transfer funds from his account:
if such a transfer does not comply with the operating mode of the account of a resident or non-resident; if a currency transaction is allowed with the permission (license) of the National Bank, but such permission (license) is not submitted by a resident or non-resident; if the resident or non-resident has not submitted documents stipulated by the legislation of the Republic of Belarus, or the submitted documents do not meet the requirements of the legislation of the Republic of Belarus.
Upon receipt of a resident or non-resident of funds for a currency transaction carried out in violation of the legislation of the Republic of Belarus, banks and non-bank credit and financial organizations, are required to credit these funds to the account of this resident or non-resident with notification of the relevant currency control authorities.
The procedure and terms for notification by banks and non-bank credit and financial organizations of currency control bodies are established by the National Bank.
Republican government bodies and other state organizations subordinate to the Government of the Republic of Belarus, regional executive committees, as currency control agents, within their competence in accordance with the legislation:
monitor the return to the Republic of Belarus and the use by legal entities subordinate to them, as well as individual entrepreneurs of export proceeds; take measures to eliminate legal entities subordinate to them, as well as individual entrepreneurs of identified violations of currency legislation; provide information on the foreign economic activity of legal entities subordinate to them, as well as individual entrepreneurs in the manner and terms established by law;
Customs as currency control agents:
carry out customs clearance of exported (imported) goods in the manner prescribed by law; control the correctness of the execution of documents during the export (import) of goods; monitor compliance with the legislation governing the import and export of foreign exchange values.
Currency control bodies and currency control agents, as well as their employees, are required to keep the commercial or bank secrecy of residents and non-residents, which became known to them in the implementation of currency control.