Baku: The fine for failure to repatriate foreign currency funds from abroad is being amended, and a case for exemption from liability will be introduced, APA reports. This significant change is reflected in the proposed amendments to the Code of Administrative Offenses, which were discussed at the plenary session of the Milli Majlis.

According to Azeri-Press News Agency, the current legislation imposes a fine of 30% to 50% on small amounts of foreign currency, up to 20,000 manats, that are not repatriated as required. The proposed amendments aim to remove the "small amount" wording, reduce the penalties, and introduce conditions under which individuals or entities may be exempt from administrative liability.

Under the new draft, fines for officials who fail to repatriate foreign currency funds will range from 10% to 20%, while legal entities will face fines ranging from 20% to 30%. The draft law also states that if the foreign currency funds are repatriated before a court or competent authority makes a decision, the involved parties will be exempt from liability.

The draft law was presented for voting and successfully adopted in the third reading.