Currency control is one of the important functions of public administration, as well as a type of financial control. Its essence is as follows: the entities that are authorized to do this, use organizational and legal means and methods, and with the help of this, they find out how much the activities of the entities under their control correspond to the tasks that are assigned to them. In addition, they are engaged in the analysis of the results of their impact on managed objects, deviations from different goals and all the ways to achieve them. These entities take various measures to prevent these deviations and to hold accountable those who are guilty. Currency control in Russia is carried out by agents and currency control authorities, and, in addition, the government of the country.
Currency control bodies are, first of all, the federal executive bodies, they are authorized by the government, and, of course, the Central Bank of the Russian Federation. And currency control agents are banks that are authorized and accountable to the Central Bank of the Russian Federation, customs authorities, of course, securities market participants that are not authorized by banks.
Currency control authorities interact with the Central Bank of the Russian Federation, they also interact with the customs authorities of banks that are authorized as control agents.
Agents and currency control authorities have their rights. First of all, they can conduct various checks on compliance by non-residents and residents with acts of currency regulation bodies and currency legislation. As well as agents and currency control bodies, they can carry out all kinds of verification of the accuracy and completeness of accounting, as well as reporting on all currency transactions of non-residents and residents. They can first request and then receive information and documents related to various operations, as well as the opening and further maintenance of accounts.
The currency control exercised by its bodies is divided into the control of the Rosfinnadzor and the Bank of Russia. At the same time, the currency control exercised by its agents is divided into the control of tax authorities, customs authorities, participants in securities markets and authorized banks.
Forms of currency control are expressed in specific means and methods of organizing all control actions of entities in the framework of foreign exchange relations. Types of currency control are allocated depending on the time when it is committed. The first type is the preliminary control, which is carried out before any currency transactions. In this case, the relevant authorities control the legality and appropriateness of any decision. The next type of currency control is control, which is carried out in the process of various currency transactions by non-residents and residents. The third type is the subsequent control, it is carried out by agents and bodies after non-residents and residents of foreign exchange transactions. According to its results, the issuance of instructions is carried out by the currency control authorities, which oblige the participants in currency legal relations to eliminate all detected violations as soon as possible. In addition, based on the results of this type of control, customers of authorized banks may be refused to open an account or conduct any foreign exchange operations if the established documents were not provided or were provided, but are unreliable.
Given the specificity of the control powers of various state bodies, such forms of currency control as indirect and direct control are also distinguished. The first control is carried out by the government, and the second - by other agents and foreign exchange control authorities.