Automation of Financial Information Exchange: Implementation into the Russian Legislation

Abstract

This article discusses the process of implementation of the international unified act on the automatic exchange of financial information in Russia. The authors consider in detail the issue of its influence on the modern national law of the Russian Federation. The purpose of the study is the legal basis for the process of automating the exchange of information between fiscal and control and supervisory authorities of the subjects of public law. Methodology. The methodological basis of the study combines the use of various methods of scientific knowledge: dialectical, formal-logical, synthesis, synthesis, analogy and comparative law. Results: 1. The significance of the legal regimes of the Russian Federation: tax and banking secrets and the state of their modern legal regulation in the context of international rules and standards. 2. Developed criteria for the optimal integration of international legal norms on the automatic exchange of information into the national legal system in order to change the structure of the rule of law of this state. 3. It justifies the need, at the level of the Government of the Russian Federation, to develop a system for automatic identification and risk-profiling of data arising in the course of the activity of each entity.

Consideration of the issues of practical significance and implementation of the provisions of the unification norms on digitalization and the binding nature of information flows is aimed at minimizing the negative effects of the shadow economy and countering capital outflow from Russia.

The conducted research contributes to the theory of financial and tax law, as it specifies the legal consequences that arise after the transformation of the content of banking and tax secrets.

Recommendations: The results can be useful for practitioners in the financial sector and all legal entities acting as a party to tax legal relations.