Baku: The fine for failing to repatriate foreign currency funds from abroad is undergoing revisions, and provisions for exemption from liability are being introduced.

According to Azeri-Press News Agency, these changes are part of the proposed amendments to the Code of Administrative Offenses, which were discussed during today's plenary session of the Milli Majlis.

Currently, under Azerbaijani law, not repatriating a small amount of foreign currency funds obtained through foreign economic activities, which are required to be transferred to authorized bank accounts in Azerbaijan, results in a fine of 30% to 50% of the currency's value. A "small amount" is defined as up to 20,000 manats. The proposed draft removes the term "small amount," reduces sanctions, and introduces conditions for exemption from administrative liability. This means that officials failing to repatriate such funds will face fines of 10% to 20%, while legal entities will be fined 20% to 30% of the currency's value.

The amendments also specify that individuals subject to these proceedings will be exempt from administrative liability if, before a court or competent authority issues a decision, they repatriate the foreign currency funds to authorized bank accounts in Azerbaijan. The draft law has been approved in its first reading.