Automatic exchange of financial account information in Russia

The article is devoted to the aspects of international financial information exchange, which Russia is embarking on. The purpose of the exchange can be called counteraction of tax evasion of residents through financial institutions outside the national jurisdiction. For effective work, a personnel policy should be developed for the implementation of processes in the field, coding systems and a package of documents for data transmission should be developed, reliable protection of the transmitted information should be provided. Bilateral agreements should also be concluded with each country, and cooperation should be established on the basis of the adopted normative acts with the States with which information is exchanged. It is necessary to provide methodological assistance to reporting financial institutions and to monitor their activities. The joint efforts of all interested States will require the establishment of a common policy in the implementation of migration programmes in order to prevent abuse in the automatic exchange of financial information.