Actual aspects of the institution of foreign exchange control

Abstract

This article analyzes the concept and main directions of legislative regulation of currency control in the Russian Federation. Design/Methodology/Approach: It’s necessary to form an effective system of currency control over compliance with Russian legislation on foreign trade to ensure economic security and take effective measures in the field of currency regulation in order to create conditions for stopping the uncontrolled export of capital. Findings: The authors highlight the theoretical problems of the absence of a legal definition of foreign exchange control in the Federal Law No. 173 «On foreign exchange regulation and foreign exchange control»; they also analyze various points of view on the concept of «foreign exchange control». The article gives the author’s understanding of currency control. Based on the current changes in currency legislation, the issues of currency control by authorized banks are covered in detail. Originality/Value: The authors concluded that the requirements for authorized banks on the procedure for exercising currency control have become more complicated, the need for maintaining bank control sheets and currency control dossiers has been proved. While considering the content of these resources, it was concluded that they largely duplicate each other and contain the same information