Controls on cash entering or leaving the EU
SUMMARY OF:
Regulation (EU) 2018/1672 on controls on cash entering or leaving the EU
WHAT IS THE AIM OF THE REGULATION?
The regulation introduces controls on cash* entering or leaving the EU. These are designed to support the measures set out in Directive (EU) 2015/849 against money laundering and terrorist financing.
KEY POINTS
Anyone entering or leaving the EU with €10.000 or more must declare the cash to that country’s authorities and provide the following information, either in writing or electronically:
EU countries’ authorities may:
EU countries’ authorities must:
EU governments must:
The Commission:
Repeal
Regulation (EU) 2018/1672 repeals and replaces Regulation (EC) No 1889/2005 from 2 June 2021.
FROM WHEN DOES THE REGULATION APPLY?
It applies from 3 June 2021, apart from the rules regarding the Commission’s work on technical measures, which have applied since 2 December 2018.
BACKGROUND
The legislation is part of EU measures to tackle terrorist financing, money laundering, tax evasion and other criminal activities.
It extends the previous legal definition of ‘cash’ from banknotes to include cheques, traveller’s cheques, prepaid cards and gold.
KEY TERMS
MAIN DOCUMENT
Regulation (EU) 2018/1672 of the European Parliament and of the Council of 23 October 2018 on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005 (OJ L 284, 12.11.2018, pp. 6-21)
RELATED DOCUMENTS
Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law (OJ L 284, 12.11.2018, pp. 22-30)
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)
Successive amendments to Directive (EU) 2015/849 have been incorporated into the original document. This consolidated version is of documentary value only.
last update 13.02.2019