THE FEDERAL FINANCIAL MONITORING SERVICE WILL BEGIN TO MONITOR LARGE WRITE-OFFS FROM THE ACCOUNTS OF ENTREPRENEURS

From August 29, 2023, the Federal Financial Monitoring Service will monitor the write-off of more than 5 million rubles from the accounts of legal entities and individual entrepreneurs. The measure will last until August 28, 2025.

The corresponding order of the federal service will apply to those entrepreneurs who received funds from the federal budget during the year. The measure will also apply to cases where finances within the operation are transferred in favor of a recipient belonging to a group of high or medium risk of committing suspicious transactions.

As noted, such control of funds write-off should reduce the risks of embezzlement of finances and their subsequent legalization.