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Money laundering: prevention through customs cooperation
Money laundering: prevention through customs cooperation
Money laundering: prevention through customs cooperation
This summary has been archived and will not be updated. See
'Controls on cash entering or leaving the EU'
for an updated information about the subject.
Money laundering: prevention through customs cooperation
SUMMARY OF:
Regulation (EC) No 1889/2005 — controls of cash entering or leaving the EU
WHAT IS THE AIM OF THE REGULATION?
It complements the rules of Directive (EU) 2015/849 on prevention of the use of the financial system for the purpose of money laundering and terrorist financing within the EU.
KEY POINTS
Obligation to declare
Checking compliance with the obligation to declare
Penalties
By 15 June 2007, EU countries were required to introduce effective and proportionate penalties constituting a deterrent in the event of failure to comply with the obligation to declare.
FROM WHEN DOES THE REGULATION APPLY?
It has applied since 15 June 2007.
BACKGROUND
For more information, see:
KEY TERMS
MAIN DOCUMENT
Regulation (EC) No 1889/2005 of the European Parliament and of the Council of 26 October 2005 on controls of cash entering or leaving the Community (OJ L 309, 25.11.2005, pp. 9–12)
RELATED DOCUMENTS
Council Regulation (EC) No 515/97 of 13 March 1997 on mutual assistance between the administrative authorities of the Member States and cooperation between the latter and the Commission to ensure the correct application of the law on customs and agricultural matters (OJ L 82, 22.3.1997, pp. 1–16)
Successive amendments to Regulation (EC) No 515/97 have been incorporated into the original document. This consolidated version is of documentary value only.
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, pp. 73-117)
See consolidated version.
Report from the Commission to the European Parliament and the Council on the assessment of the risks of money laundering and terrorist financing affecting the internal market and relating to cross-border activities (COM(2017) 340 final, 26.6.2017)
last update 06.12.2017