The EU has developed new regulations for carrying cash in the amount of more than 10,000 euros across the customs border of the European Union that come into force on June 3.
According to the EC, the new regulations will strengthen the fight against money laundering and the financing of terrorism.
"As part of the EU’s efforts to tackle money laundering and the financing of terrorism, all travellers entering or leaving EU territory are already obliged to complete a cash declaration when carrying EUR 10,000 or more, as well as in other currencies, bonds, shares or cheques," the message says.
From June 3, this regulation also applies to the equivalent of 10,000 euros:
- in banknotes and coins (including currency now out of general circulation but that can still be exchanged in a financial institution or central bank);
- bearer negotiable instruments such as cheques, travellers’ cheques, promissory notes and money orders;
- gold coins with a gold content of at least 90 %;
- gold bars, nuggets or clumps with a gold content of at least 99.5 %.
All indicated movements of cash are subject to declaration in the customs authorities and in the case of sending by mail or courier. The person who sends the money, the recipient of such amounts or their authorized person must lodge a declaration of such an operation within 30 days.
The customs declaration for carrying cash must contain information about the origin of the money and its further use and can be filled in in all languages, including those that are not the official languages of the EU countries.
According to the decision of the customs authorities, such requirements for customs declaration may also apply to amounts of less than 10,000 euros, if there are indications that this money has a link with illegal activities.
If the declaration is not lodged or if the illegal origin of the carried cash is identified, they will be detained. Those involved in carrying will be held liable, including the recovery of significant amounts.