Central Bank spokeswoman Natalya Khomenko said that as of Feb. 1, 1995, all commercial banks and currency exchanges will have to issue receipts with transaction information, including the client's name and passport number, when selling and buying hard currency or servicing credit cards. It was still not clear, however, exactly how the order would be implemented.
An official of the State Tax Police, who asked not to be named, said the new rule, if properly enforced, would help the government track Russians' earnings in both rubles and hard currency. "It would enable us to check the origin of income for many Russians," the official said. "And if they did not pay tax, they would have to answer for it."
Khomenko said the new rule was designed to help regulate Russia's still chaotic hard-currency market. Lack of control over the country's cash flow has facilitated widespread money laundering and illegal transfer of billions of dollars overseas. According to the Central Bank, Russia is likely to leak some $8 billion this year through illegal capital flight. Meanwhile, the value of hard currency circulating within Russia has already exceeded the supply of cash rubles, Khomenko said.
"This kind of cash circulation is very unhealthy for the economy," Khomenko said. "And although the new rule is not enough to solve the problem, it would help deal with it."
The rule is another in a series of Central Bank regulations designed to control the flow of hard currency in the country.
In September, the bank issued an order banning the payment of hard-currency cash to Russian employees. It has also restricted companies and individuals from having more than one liquid bank account per currency and required commercial banks to report to tax authorities all money transfers worth $10,000 or more.
Russian commercial banks have opposed the receipt rule, saying the data on hard-currency transactions by their clients can leak through and make it easier for racketeers to spot their victims, Khomenko said.
But spokesmen for the two of Russia's largest commercial banks -- Stolichny and Menatep -- declined to comment on the new regulation Friday, saying it was "premature to make conclusions" until the Central Bank issues instructions explaining exactly how the new rule works.
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