Law Journal of the National Academy of Internal Affairs

The author points out that the foreign exchange control is part of the Financial controls, and it may be stated that the system of currency control is the system of the powers of the special authorities which perform a function of the government monetary controls. Also, notes that the competence of the public authorities and the banking system of Ukraine in the sphere of currency control include: inspections; analysis of financial, accounting and statistical reporting of currency transactions-residents and non-residents; registration and accounting of foreign exchange transactions; provision of National Bank of Ukraine exchange licenses, permits and their revocation in cases stipulated by law; viewing information about the facts of the violations of the currency legislation by the currency control agents; the application of currency control authorities, sanctions to offenders in cases of violations of the currency legislation. The control functions include not only executive bodies and currency control agents – the judiciary also exercises control in the area of currency regulation and other foreign legal relations. The article also notes that foreign exchange control could also be i at a hardware level. However, this type of monitoring is conducted by managers, the owners of the enterprises, which are primarily interested in the question of effectiveness, economic feasibility, profitability of foreign exchange transactions. A specific group of supervisory subjects as well as law enforcement authorities make up the system of currency control. Specific proposals for improving the legislation in the sphere of currency control in the final part of the article.