All financial assets must now be accounted for

All financial assets must now be accounted for

President Vladimir Putin signed law No. 291-FZ of 31.07.2020, which establishes the obligation of residents to report on the movement of not only cash, but also other financial assets on accounts in foreign banks and other financial market organizations.

This obligation arises from 01.01.2021.

Legal entities and individual entrepreneurs report on a quarterly basis, while individuals report on the results of the calendar year. The procedure for submitting these reports is regulated by Decree of the Government of the Russian Federation No. 819 of 28.12.2005. Responsibility for violation of deadlines for reporting cash flows on accounts (deposits) in banks or other financial institutions located outside the territory of the Russian Federation, and (or) supporting documents provided for in sections 6.1-6.3 of article 15.25 of the administrative Code of the Russian Federation.

Due to COVID-19, the report on cash flows on foreign accounts for 2019 may be submitted before 01.12.2020

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