On November 16, 2017, associates of the Tax practice of Capital Legal Services held a business breakfast on foreign currency control over foreign accounts of individuals.

Russia has joined the global Standard for Automatic Exchange of Financial Account Information. This will enable the Russian Federal Tax Service to obtain information on financial accounts held by Russian citizens from over 80 foreign jurisdictions. The first exchange of information will occur in 2018. Thus, information on the state of foreign assets of our citizens could become available to the Russian Federal Tax Service in the next few years.

In the course of the business breakfast, Senior Associate Anastasya Kuzmina and Associate Ekaterina Chernenkova examined issues tied to Russian citizens having bank accounts abroad, problems arising when making transactions using such accounts, as well as issues of disclosing such accounts in Russia. Anastasya and Ekaterina dedicated a large part of the business breakfast to the trends of currency regulation of individuals and practical recommendations.

After the event, the participants shared their impressions:

• “This was my first time. I liked the event format and communication. I’m pleased with everything and completely thrilled; I will come again.”
• “It was a positive experience. This is a hot topic of the day.”
• “Professionally done, smart, competent audience.”