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LAW OF THE REPUBLIC OF MOLDOVA

of March 21, 2008 No. 62-XVI

About currency control

(The last edition from 26-07-2018)

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 the banks and other financial institutions (which have the right to attract on-demand deposits and/or term deposits or their equivalents and to perform other financial activities) which are located abroad;

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;

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