Submission of documents confirming the origin of cash and (or) monetary instruments

Submitted on Sat, 03/21/2020 - 19:27

On 4 February 2020 new rules for transporting money across the customs border of the Eurasian Economic Union came into force. From now on, a natural person transporting over 100 thousand US dollars at a time will need to provide documents confirming the cash origin. And also provide the customs declaration. This follows from the relevant Decision No. 130 of the Eurasian Economic Commission's Board dated August 6, 2019.

The Decision was prepared pursuant to the requirements of the EAEU Customs Code; it is aimed at implementing Recommendation 32 “Cash Couriers” of the Financial Action Task Force on Money Laundering (FATF). 

The Recommendation had been developed to provide the FATF member countries with the measures to identify and stop (detain) funds and negotiable instruments that are physically transported across the border and can be used to finance terrorism or launder money.

The documents submitted must confirm the origin of cash and (or) monetary instruments declared in the passenger's customs declaration. They, for example, can include documents drawn up by credit institutions when performing conversion operations, withdrawing funds from an account, obtaining a loan, etc., or documents confirming the conclusion of civil law transactions (inheritance, gift, etc.).

In case of failure to submit the relevant documents, the transportation of cash and (or) monetary instruments across the EAEU customs border shall be prohibited.