Cross-border cash movements: tightening up anti-terror and crime checks
New EU Rules For Cross-Border Cash, Gold Bullion Movements
– War on cash continues and expands to affect non-criminals including gold owners
– New definitions of “cash” to be drawn up by EU to include gold and precious metals
– Claim cash and gold bullion “often used for criminal activities such as money laundering, or terrorist financing”
– Legislation will allow authorities to seize assets from those ‘without a criminal conviction’
– New rules usurp those currently in existence since 2005
The ironically named European Parliament’s Civil Liberties and Economic Affairs committees have backed plans by the European Union to introduce tougher checks and controls on cash entering or leaving the region.
Currently individuals are required to declare cross-border cash sums of €10,000 or more, under the First Cash Control Regulation (CCR) from 2005. A new decision will repeal the CCR and allow authorities to seize cash below the €10,000 threshold should criminal activity be suspected.
According to the European Parliament news website, MEPs have agreed to:
“Large sums of cash, be it banknotes or gold bullion are often used for criminal activities such as money laundering, or terrorist financing. With this legislation, we give our authorities the tools they need to improve their fight against those crimes,” Mady Delvaux, MEP. According to the European Parliament news website, MEPs have agreed to:
New EU Rules For Cross-Border Cash, Gold Bullion Movements
– War on cash continues and expands to affect non-criminals including gold owners
– New definitions of “cash” to be drawn up by EU to include gold and precious metals
– Claim cash and gold bullion “often used for criminal activities such as money laundering, or terrorist financing”
– Legislation will allow authorities to seize assets from those ‘without a criminal conviction’
– New rules usurp those currently in existence since 2005
The ironically named European Parliament’s Civil Liberties and Economic Affairs committees have backed plans by the European Union to introduce tougher checks and controls on cash entering or leaving the region.
Currently individuals are required to declare cross-border cash sums of €10,000 or more, under the First Cash Control Regulation (CCR) from 2005. A new decision will repeal the CCR and allow authorities to seize cash below the €10,000 threshold should criminal activity be suspected.
According to the European Parliament news website, MEPs have agreed to:
- – widen the definition of ”cash” to include gold, precious stones and metals, as well as anonymous prepaid electronic cash cards,
- – enable the authorities to impound cash below the €10,000 threshold temporarily, if criminal activity is suspected, and
- – make it mandatory to disclose “unaccompanied” cash sent by cargo.
“Large sums of cash, be it banknotes or gold bullion are often used for criminal activities such as money laundering, or terrorist financing. With this legislation, we give our authorities the tools they need to improve their fight against those crimes,” Mady Delvaux, MEP. According to the European Parliament news website, MEPs have agreed to:
- widen the definition of ”cash” to include gold, precious stones and metals, as well as anonymous prepaid electronic cash cards,
- enable the authorities to impound cash below the €10,000 threshold temporarily, if criminal activity is suspected, and
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