The State Duma has adopted, in the second and final reading, a law that obliges banks to increase control over transactions involving metals and precious stones and to report these operations to Rosfinmonitoring (the Federal Financial Monitoring Service), RBK reports. The law will apply to both individuals and legal entities. The Ministry of Finance insisted on tightening controls, fearing the illegal export of gold across the border.
All types of client operations with metals and precious stones – such as depositing or withdrawing funds from entrepreneur’s accounts worth at least 1 million rubles – will fall under the scope of Article 6 of the law “On Combating the Legalization of Criminal Incomes and the Financing of Terrorism.” The same reporting threshold will apply to transactions made by individuals, companies, or sole proprietors with investment precious metals, coins, or diamonds.
The initiative to strengthen control emerged in the summer of 2023. At that time, after the removal of VAT for purchases of gold in the form of bullion, banks noticed a sudden increase in demand from individuals. The Ministry of Finance noted that gold bars began to be taken out of the country by individuals “in their pockets”, thus avoiding paying higher customs duties for gold exports and facilitating cross-border payments through this scheme.
Rosfinmonitoring supported the Ministry of Finance’s initiative. “In 2023, the number of illegal or suspicious transactions related to the purchase of precious metals increased significantly. Citizens bought tens of tons of gold, some of which have already been taken out of the country,” said the deputy head of the financial supervision service, German Negliad.