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The Russian government has submitted to the State Duma a bill aimed at reducing the illegal circulation of precious metals and precious stones, according to the database of the lower house of parliament.
The document, in particular, expands the list of transactions in excess of 1 million rubles that are subject to mandatory control and information about which credit institutions are required to send to Rosfinmonitoring .
It includes crediting to or debiting from the account of a legal entity or individual entrepreneur engaged in the purchase and sale of precious metals and precious stones, as well as jewelry and other products containing them, scrap of such products; purchase by an individual from a bank and sale to the bank by an individual for cash or non-cash payment of investment precious metals, coins made of precious metals and processed natural diamonds; purchase by an individual entrepreneur or legal entity from a bank and their sale to the bank for cash or non-cash payment of coins made of precious metals and processed natural diamonds.
At the same time, banks are prohibited from executing orders from legal entities or individual entrepreneurs to write off funds from their accounts if such persons are included in the list of market participants who violate legislation in the sphere of circulation of precious metals and precious stones without registering with the state integrated information system in the sphere of control over their circulation. The procedure for forming and communicating this list to banks, the criteria and procedure for inclusion in it, as well as the procedure for appealing inclusion in the list and the procedure for exclusion from it will be established by the Ministry of Finance in agreement with the Central Bank of the Russian Federation.
In addition, transactions related to the receipt by an individual of funds by a bearer check issued by a non-resident, as well as the contribution by an individual to the authorized (share) capital of an organization of funds in cash, are removed from mandatory control.
However, this, according to the explanatory note, “does not obviate the need” to analyze such transactions for the presence of risks of their commission for the purpose of laundering criminal proceeds or financing of terrorism. “In addition, credit institutions are required to provide information about transactions at the request of Rosfinmonitoring,” it is noted there.
The Cabinet of Ministers draws attention to the fact that, according to law enforcement agencies, the volume of illegally imported precious stones in the Russian Federation exceeds by 82 times the volume of precious stones legally used as inserts in jewelry. And the volume of illegal turnover of jewelry is about 50%, precious metals - about 20%.
