Failure to repatriate funds in foreign currency from abroad and modern issues of currency regulation

Authors

  • Oleg A. Stepanov The Institute of Legislation and Comparative Law under the Government of the Russian Federation, Department of Criminal, Criminal Procedural Law; Judicial System
  • Denis A. Pechegin The Institute of Legislation and Comparative Law under the Government of the Russian Federation, Department of Criminal, Criminal Procedural Law; Judicial System

DOI:

https://doi.org/10.46282/blr.2018.2.1.94

Keywords:

monetary responsibility, the Russian Federation, the Czech Republic, the European Central Bank, repatriation of funds, currency regulation, virtual currency

Abstract

The monetary policy of the European Union has recently undergone changes that cannot but have an impact on national economies. Thus, starting in 2018, the new rules for calculating the liquidity of banks and the ratio of borrowed funds to assets will come into full force in the European Union. Several large banks in France, dissatisfied with the policy of the European Central Bank (ECB), even appealed to the European Court of Justice for a change in the rules. Meanwhile, this is another step towards establishing financial transparency and strengthening the banking system. Meanwhile, at the international level, uncertainty still remains over issues of currency and legal responsibility, which is largely due to various legal regulations. In most cases, companies that carry out foreign economic activity violate currency legislation. At the same time, civil measures may not be sufficient to protect the normal functioning and development of the domestic foreign exchange market.

References

BLANPAIN, R., ENGELS, C. (eds.). Comparative Labour Law and Industrial Relations in Industrialized Market Economies. The Hague : Kluwer Law International, 2001.

BRYANS, D. Bitcoin and Money Laundering: Mining for an Effective Solution. In Ind. L.J., 89, 441 (2014).

GAUKHMAN, L.D., MAKSIMOV, S.V. Criminal law protection of the financial environment: new types of crimes and their classification. Moscow, 1995.

GUADAMUZ, A., MARSDEN, C. Bitcoin: The Wrong Implementation of the Right Idea at the Right Time, 2014. Available at: <https://ssrn.com/abstract=2526736>. [q. 2018-05-29]. https://doi.org/10.2139/ssrn.2526736

DONG, H., MCCAULEY, R. N. Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues. BIS Working Paper No. 320, 2010. Available at: <https://ssrn.com/abstract=1699740>. [q. 2018-05-29]. https://doi.org/10.2139/ssrn.1699740

KONDRAT, E. N. Financial violations in Russia. The threat to financial security and how to counteract it. Moscow: FORUM publishers, 2014.

KAAL, W., CALCATERRA, C. Crypto Transaction Dispute Resolution, 2017. Available at: <https://ssrn.com/abstract=2992962>. [q. 2018-05-29]. https://doi.org/10.2139/ssrn.2992962

KUCHEROV, I.I. Currency Law of Russia (Academic Lecture Course), 2011.

LEJBA, A. Real Life of Virtual Money. In EHZH-YUrist., № 23 (2014).

LEONHARD, R. Corporate Governance on Ethereum’s Blockchain, 2017. Available at: <https://ssrn.com/abstract=2977522>. [q. 2018-05-29].

LEVKOVICH, A., VECHERSKY, A. Analysis of the evolution of the exchange rate policy in the countries of Central and Eastern Europe. In Bankauski Vesnik, № 10 (2008).

POLASIK, M., PIOTROWSKA, A., WISNIEWSKI, T., KOTKOWSKI, R., LIGHTFOOT, G. Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry, 2014. Available at: <https://ssrn.com/abstract=2516754>. [q. 2018-05-29]. https://doi.org/10.2139/ssrn.2516754

RASKIN, M., YERMACK, D. Digital Currencies, Decentralized Ledgers, and the Future of Central Banking. In Research Handbook on Central Banking. Cheltenham : Edward Elgar, 2016.

SALVATORE, D., RENGIFO, E.W., OZSOZ, E. Dollarization as an Investment Signal in Developing Countries: The Case of Croatia, Czech Republic, Peru, Slovak Republic and Turkey. In Fordham University Department of Economics Discussion Paper, No. 2008-16 (2008). https://doi.org/10.2139/ssrn.1272092

Downloads

Published

30-06-2018

How to Cite

Stepanov, . O., & Pechegin, D. (2018). Failure to repatriate funds in foreign currency from abroad and modern issues of currency regulation. Bratislava Law Review, 2(1), 26–35. https://doi.org/10.46282/blr.2018.2.1.94