The new rules in the cash flow control system will take effect tomorrow, June 3, as part of the EU’s efforts to combat money laundering and suppress sources of terrorist financing.
If you are entering or leaving the EU and are carrying cash of EUR 10,000 or more, you must declare cash. However, the import or export of cash is not prohibited or restricted.
What is cash?
Cash means, in addition to means of payment such as coins and bills, also other specified means of payment such as checks and convertible promissory notes. Credit cards are not considered cash.
Changes effective June 3, 2021
The rules for the control of cash moved across the border will be amended after the entry into force of a new regulation in the European Union on June 3, 2021 on the movement of cash. The new decree contains, for example, a broader concept of cash and unifies the practice of declaring.
Thus, from this Thursday, some changes will be made that will further strengthen the already existing provisions of the law and make it even more difficult to transfer large amounts of “black” funds.
First, the definition of “cash” will be expanded to cover gold coins and some other gold items under the new rules. Secondly, the customs authorities will be able to operate up to 10,000 euros if there is clear evidence that the cash is related to criminal activity (laundering).
In addition, the customs authorities may also require official confirmation (source of money) if they find cash of € 10,000 or more.
The new rules also ensure that the competent authorities and the national financial intelligence unit in each member state have the information necessary to track the movement of funds that can be used to finance illegal activities and to combat this phenomenon as such.
The updated rules are created according to the standards of the International Financial Action Task Force on Money Laundering (Ομάδας Χρηματοοικονομικής Δράσης, FATF) to combat money laundering and terrorist financing, which is reflected in EU legislation.