Baku: Azerbaijan is set to amend the penalties for failing to repatriate foreign currency funds from abroad and introduce exemptions from liability. This development was reported by APA.

According to Azeri-Press News Agency, the proposed changes to the Code of Administrative Offenses were discussed during a joint session of the Milli Majlis Committees on Legal Policy and State Building and on Labor and Social Policy. Currently, failing to repatriate small amounts of foreign currency funds, resulting from foreign economic activities and meant for mandatory transfer to authorized Azerbaijani bank accounts, is punishable by a fine ranging from 30% to 50% of the foreign currency's value. A 'small amount' is defined as up to 20,000 manats.

The proposed amendment removes the term 'small amount' from the provision, reduces the sanction, and introduces a case for exemption from administrative liability. Under the new draft, officials failing to repatriate foreign currency funds will face fines ranging from 10% to 20% of the currency amount, while legal entities will incur fines ranging from 20% to 30%.

The amendment further stipulates that individuals facing proceedings for the relevant administrative offense can be exempted from liability if they repatriate the foreign currency funds to the authorized Azerbaijani bank accounts before a court or competent authority makes a decision on the administrative offense case.