Controls on cash entering and leaving the EU: Council endorses agreement

27.06.2018

The EU's committee of permanent representatives (Coreper) today endorsed an agreement between the Council, represented by the Bulgarian presidency, and the European Parliament on a draft regulation aimed at improving controls on cash entering or leaving the Union.

"Terrorist financing, money laundering and other criminal activities will be easier to detect in Europe following today's agreement on the modernisation of the Cash Controls Regulation. Experience has shown that we have to adapt our tools more quickly if we are to address new threats and prevent criminal activities from undermining the security of our citizens."

Vladislav Goranov, Minister of Finance of Bulgaria

The regulation will improve the existing system of controls with respect to cash entering or leaving the EU. It replaces the 'Cash Controls Regulation' (regulation 1889/2005), which applies since 2007.

The objective is to ensure that the latest developments in international standards on combating money laundering and terrorism financing developed by the Financial Action Task Force (FATF) are reflected in EU legislation.

The definition of cash has been extended to cover not only banknotes but also other instruments or highly liquid commodities, such as cheques, traveller's cheques, prepaid cards and gold.

The regulation is also extended to include cash that is sent by post, freight or courier shipment.

It complements the EU’s legal framework for the prevention of money laundering and terrorist financing laid down in directive 2015/849.

The new legislation extends the obligation of any citizen entering or leaving the EU and carrying cash of a value of €10 000 or more to declare it to the customs authorities.

Read the full press release on the website of the Council of the European Union.

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