Antonina Levashenko, Head of International Best Practices Analysis Department at the Gaidar Institute, commented on the growth in the amount of cash held by Russians on the Moscow 24 television channel. According to the latest data, it has exceeded Rb18 trillion.
The expert drew attention to the legal risks associated with storing and using large amounts of cash. In particular, when registering a transaction, for example, for an apartment or a car, the bank is required by Law No. 115-FZ “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism” to verify the origin of the funds. “This can be confirmed by a 2-NDFL certificate stating that you worked and received a salary, a gift agreement, or inheritance documents,” the expert noted.
However, the absence of such documents can lead to serious problems. “If such documents are not available, the bank may refuse, and in general, this may become the subject of a legal dispute with the bank,” said Antonina Levashenko.
This legal nuance is one of the key reasons why financial advisors recommend keeping savings in bank accounts rather than in cash.