New Penalty Requirement for International Transfers

New Penalty Requirement for International Transfers



Fines of up to 30% of the foreign currency amount will be imposed.

Penalties are being introduced for failing to submit the supporting documents required for international money transfers.

This provision is included in the proposed amendments to the Code of Administrative Offenses discussed today at the parliamentary session.

According to the draft, under the Law on Currency Regulation, failure to submit the required supporting documents related to international transfers (including documents confirming the acquisition of a participation interest or shares, as well as other documents required by law) to authorized banks, or, where applicable, to the Central Bank of the Republic of Azerbaijan within the prescribed period, or failure to repatriate foreign currency funds to accounts held with authorized banks within the required timeframe, will result in the following administrative fines:

Individuals: from 5% to 10% of the foreign currency amount;
Officials: from 10% to 20% of the foreign currency amount;
Legal entities: from 20% to 30% of the foreign currency amount.

The draft law was put to a vote and approved in its first reading.