LAW OF THE REPUBLIC OF MOLDOVA

of March 21, 2008 No. 62-XVI

About currency control

The parliament adopts this organic law.

Chapter I. General provisions

Article 1. Subject of the law

This law establishes the basic principles of currency control in the Republic of Moldova, the rights and obligations of residents and nonresidents in currency area, and also powers of bodies of currency exchange control and function of agents of currency exchange control.

Article 2. Foreign exchange legislation

(1) the Foreign exchange legislation of the Republic of Moldova consists of this law, the Law on National Bank of Moldova No. 548-XIII of July 21, 1995, other legal acts in the part regulating the relations in the field of currency control from the regulations developed in pursuance of the specified legal acts, including regulations of National Bank of Moldova and also of international treaties, one of the parties of which is the Republic of Moldova.

(2) If the international treaty, one of the parties of which is the Republic of Moldova, other provisions than provided by the foreign exchange legislation of the Republic of Moldova are established, provisions of the international treaty are applied.

Article 3. Basic concepts

For the purpose of this law the following basic concepts are applied:

1) currency control - set of the legal regulations relating to implementation of currency transactions and submission of the reporting under them, licensing and implementation of activities by organizations for currency exchange, and also relating to currency exchange control, established for the purpose of realization of monetarist policies of the state and ensuring stability of the domestic foreign exchange market;

2) currency transactions:

a) the transactions connected with transition of the property right and other rights (without obtaining in exchange of other assets) on the foreign currency, securities and payment instruments expressed in foreign currency, and also transaction within which the foreign currency and payment instruments expressed in foreign currency are used as instrument of payment;

b) the transactions connected with transition of the property right and other rights (without obtaining in exchange of other assets) on the national currency, securities and payment instruments expressed in national currency, and also transaction within which the national currency and payment instruments expressed in national currency are used as instrument of payment;

c) import to the Republic of Moldova and export from the Republic of Moldova of currency values;

d) unilateral transfers of residents and nonresidents to the Republic Moldova / from the Republic of Moldova;

e) unilateral transfers of residents and nonresidents in the territory of the Republic of Moldova in foreign currency, and also unilateral transfers of nonresidents in the territory of the Republic of Moldova in national currency.

Currency transactions include, depending on case, the conclusion and implementation of transactions and transactions, and also payments and the transfers which are got/performed within these transactions and transactions.

The concept "currency transactions" does not include the transactions specified in the subitem and), performed between nonresidents outside the territory of the Republic of Moldova; the transactions specified in the subitem b), performed between residents in the territory of the Republic of Moldova, and also between nonresidents outside the territory of the Republic of Moldova;

3) unilateral transfers - the transfers in foreign and national currency of residents and nonresidents which are not involving transition of the property right and other rights to foreign and national currency;

4) national currency of the Republic of Moldova (national currency):

a) the cash Moldovan lei, namely the banknotes and metal coins (including the containing precious metals) which are in circulation issued by National Bank of Moldova, withdrawn or which are subject to retirement, but accepted to exchange of National Bank of Moldova;

b) means on accounts in the Moldovan lei opened in licensed banks, and also in nonresident banks;

5) foreign currency - national currency of foreign state or currency of the cash union of several foreign states, and also international cash and units of account. The foreign currency is provided:

a) the cash foreign currency, namely the banknotes and metal coins issued by authorized body of foreign state or the cash union of several foreign states (including containing precious metals) which are in circulation, withdrawn or subject to retirement, but accepted to exchange of the relevant authorized bodies;

b) means in national currency of foreign state or in currency of the cash union of several foreign states, and also in international cash and units of account, being on the accounts opened in licensed banks, and also in nonresident banks;

6) payment instruments – the bills of exchange, checks and other similar payment instruments representing monetary claims to their issuers. This concept does not turn on payment instruments as they are determined by the Law on payment services and electronic money No. 114 of May 18, 2012;

7) currency values - cash foreign and national currency, the materialized securities and payment instruments expressed in foreign and national currency;

8) licensed bank of the Republic of Moldova (licensed bank) - the legal entity of the Republic of Moldova or the bank department of other state having the license for implementation of the activities permited banks issued by National Bank of Moldova according to the Law on activities of banks No. 202/2017;

8-1) nonresident bank - the legal entity with the location outside the Republic of Moldova having the license for implementation of the activities permited banks issued according to the legislation of other state or department of licensed bank with the location outside the Republic of Moldova. The concept includes also any legal entity with the location outside the Republic of Moldova having the right according to the legislation of other state to perform similar with permitted banks (to involve activities on-demand deposits and/or term deposits or other returnable funds and to perform other financial activities);

9) residents:

a) physical persons (citizens of the Republic of Moldova, foreign citizens and stateless persons) with the residence in the Republic of Moldova, the supported corresponding identification document, including these physical persons who are temporarily located abroad (further - physical resident persons);

b) the physical persons who are engaged according to the legislation of the Republic of Moldova business activity and also the lawyers, notaries, bailiffs and other physical persons who are engaged in independent professional activity (further – the physical resident persons who are engaged in certain type of activity);

c) the legal entities (the public law and private law) created according to the legislation of the Republic of Moldova with the location in the Republic of Moldova (further - legal resident persons);

d) ceased to be valid;

e) the companies created according to the legislation of the Republic of Moldova and the organization which have no status of the legal entity, with the location in the Republic of Moldova;

g) diplomatic missions, consular establishments and other official representations of the Republic of Moldova abroad;

10) nonresidents:

a) the physical persons which are not residents according to the subitem and) Item 9), including these physical persons who are temporarily in the Republic of Moldova (further - physical nonresident persons);

b) the physical persons who are engaged in business activity or other type of activity according to the legislation of foreign states (further - the physical nonresident persons who are engaged in certain type of activity);

c) the legal entities (the public law and private law) created according to the legislation of foreign states with the location abroad (further - legal nonresident persons);

d) the companies created according to the legislation of foreign states and the organization which have no status of the legal entity, with the location abroad;

e) ceased to be valid;

f) the departments of legal resident persons which are located abroad which are understood as any separate divisions of the mentioned persons performing part or all types of their activities. This concept includes also the permanent missions which are engaged in business activity in the relevant states (considered as those according to the legislation of foreign states) of legal resident persons;

g) the diplomatic missions, consular establishments and other official representations of foreign states accredited in the Republic of Moldova;

h) the international organizations created according to international treaties which use diplomatic or consular immunities and privileges;

i) the representative offices of the international organizations accredited in the Republic of Moldova;

11) the currency rate - the exchange rate of foreign currency on national currency or other foreign currency;

12) suppliers of payment resident services – legal entities who according to the Law on payment services and electronic money No. 114 of May 18, 2012 have the right to provide payment services;

13) non-bank suppliers of payment resident services – legal entities (others, than licensed banks and National Bank of Moldova) who according to the Law on payment services and electronic money No. 114 of May 18, 2012 have the right to provide payment services;

14) the payment account – the account determined by the Law on payment services and electronic money No. 114 of May 18, 2012.

15) the vygodopriobretayushchy owner - as it is determined by the Law on the prevention and anti-money laundering and terrorism No. 308/2017 financing.

Chapter II. Currency transactions

Part 1. General provisions

Article 4. General provisions about currency transactions

(1) Currency transactions are divided into the currency transactions performed between residents and nonresidents, performed between residents, performed between nonresidents and also into the currency transactions performed unilaterally by residents or nonresidents.

(2) Currency transactions between residents and nonresidents are divided into the current currency transactions and capital currency transactions.

(3) Currency transactions are subject to permission National Bank of Moldova if it is provided by this law.

(4) Permission of currency transaction represents authorization by National Bank of Moldova of implementation of currency transaction by issue of the corresponding permission.

(5) Payments and transfers within currency transactions can be got/are performed in national or foreign currency if this law or other legal acts does not provide other.

(6) Payments and transfers within currency transactions can be got/are performed according to requirements of the foreign exchange legislation cash or in the non-cash way, including with use of payment instruments.

(7) If this law provides implementation of currency transactions without restrictions, then it means implementation them without restrictions from the point of view of currency control and assumes observance by residents and nonresidents of the provisions concerning the corresponding currency transactions established by other legal acts.

The requirements of the foreign exchange legislation relating to method of obtaining/implementation of payments and the translations within currency transactions (cash or non-cash way, with use or without use of payment instruments), to currency which can be used when obtaining/implementing of the mentioned payments and the translations (national or foreign currency) to confirmation of these payments and the translations by the proving documents, are not restrictions.

(8) If other does not follow from this law, regulations of National Bank of Moldova or from essence of legal relationship, the precepts of law in the field of currency control established for legal resident persons and legal nonresident persons are applied according to and to the residents specified in subitems b), e), f) and g) Item 9) of Article 3, and to the nonresidents specified in subitems b), d) i) Item 10) Article 3.

(8-1) If other does not follow from this law, regulations of National Bank of Moldova or from essence of legal relationship, the precepts of law in the field of currency control established for payment service providers are applied according to and to issuers of electronic money in connection with release of electronic money and provision of the payment services connected with release of electronic money.

(9) Residents have the right to open accounts in foreign currency in licensed banks and payment accounts in foreign currency at non-bank suppliers of payment resident services.

The National Bank of Moldova has the right to establish conditions and procedure of currency transactions through bank accounts / payment accounts in national currency and in foreign currency, opened by residents in licensed banks / at non-bank suppliers of payment resident services.

(9-1) for the purposes of this law bank accounts which are opened in licensed banks include also payment accounts which are opened in the licensed banks acting as payment service providers and issuers of electronic money according to the Law on payment services and electronic money No. 114 of May 18, 2012.

(10) Transfer between residents in the territory of the Republic of Moldova of the securities expressed in foreign currency owing to donation, inheritance / testamentary refusal or in cases of legal succession, stipulated by the legislation the Republic of Moldova, is performed without restrictions.

Transfer between nonresidents in the territory of the Republic of Moldova of the securities expressed in national and foreign currency owing to donation, inheritance / testamentary refusal or in cases of legal succession, stipulated by the legislation, is performed without restrictions.

(11) Realization in the territory of the Republic of Moldova of the coins containing precious metals, and also other transactions or transactions which object are the coins containing precious metals are performed according to the legislation regulating area of precious metals and products from them.

(12) If this law sets quantitative limits in euro, and also in cases, stipulated in Item c) parts (2), Item f) parts (3) Article 42-1 and part (4) Articles 44, determination of equivalent in other currency is performed using the official rate of Moldovan leu according to the procedure, established by National Bank of Moldova.

Part 2. Current currency transactions

Article 5. Regulations on the current currency transactions

(1) the Current currency transactions are the currency transactions between residents and nonresidents performed in others, than the translation of the capital, the purposes.

(Payments and transfers within the current currency transactions include 2), without being limited to it:

a) payments within international trade in goods and services, including works, and also payments and transfers within the bank credit mechanisms relating to international trade (for example, letters of credit, the credits the overdraft, overnight, credit cards), with the initial terms of repayment which are not exceeding one year;

b) the payments representing percent on the loans/credits and net income from other investments;

c) payments on account of repayment of the loans/credits or in the depreciation account of direct investments;

d) money transfer, intended for family maintenance costs (further - family expenses);

e) payments and transfers within other transactions which on the essence are not capital currency transactions as, for example, the payments connected with payment of medical treatment, expenses on trips, expenses on training; the payments connected with taxes and fees, except for the taxes and fees relating to inheritance; penalties; the payments connected with court costs; payments and transfers within technical assistance; the payments concerning social insurance including pensions; payment of the membership fees in the international, public, religious or other non-profit organizations.

Part 3. Capital currency transactions

Article 6. General provisions about capital currency transactions

(1) Capital currency transactions are currency transactions between residents and nonresidents, and also some unilateral transfers to the Republic Moldova / from the Republic of Moldova, performed for the purpose of the translation of the capital.

(2) Capital currency transactions include currency transactions, others, than provided in part (2) Articles 5, which follow from:

a) the transactions relating to direct investments;

b) real estate transactions;

c) financial instrument transactions;

d) commercial loans / credits;

e) financial loans / credits;

f) guarantees;

g) transactions on the current and deposit accounts in licensed banks / bankakh-nerezidentakh;

h) transactions on life insurance;

i) transactions of personal nature;

j) import and export of currency values;

k) other capital transactions.

(3) Provisions of part 3 of this Chapter, except for parts (9) this Article, are not applied to the currency transactions relating to import and export of currency values which are regulated by Chapter III.

(4) the Capital currency transactions providing capital inflow to the Republic of Moldova are performed without restrictions if other is not stipulated by the legislation the Republic of Moldova, regulating the field of the corresponding capital currency transactions.

(5) To the capital currency transactions providing capital inflow to the Republic of Moldova in case of obtaining by residents from nonresidents of the loans/credits specified in part (6), the notification mode aiming at acceptance on accounting by National Bank of Moldova of the obligations following from the mentioned transactions as a result of the notification by residents about these transactions is applied.

(5-1) Acceptance on accounting by National Bank of Moldova of the loans/credits specified in part (6), adoption by National Bank of Moldova of the obligations connected with the corresponding loans / credits does not involve and does not mean approval or permission of these transactions by National Bank of Moldova.

(5-2) National Bank of Moldova use data on the loans/credits accepted on accounting by means of the procedure of the notification and data on the transactions performed on them, for the purpose of accomplishment established by the law of functions including for development of statistics of external debt of the Republic of Moldova, for creation of paying balance, the international investment line item, for implementation of the economic and monetary analysis.

(6) the Loans/credits are subject to the notification in case:

1) interest-bearing commercial loans / credits, except for obtaining aderenty (resident supplier) of the loan/credit from nonresident factor within factoring transaction in case of acceptance by nonresident factor of risk of insolvency of the nonresident debtor according to the accepted requirements;

2) financial loans / credits, except for:

a) interbank credits with the initial term of repayment which is not exceeding one year;

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