EU TIGHTENS RULES ON CASH IMPORT/EXPORT CONTROLS

On 2 June, the EU announced changes to the rules governing the need to declare cash entering or leaving the territory of the EU, with effect from 3 June.  Imports and exports of €10,000 or more of “cash” must be decalred to customs authorities.  Under the amended rules –

  • the definition of ‘cash’ under the new rules will be extended and will now cover gold coins and certain other gold items;
  • customs authorities will be able to act on amounts lower than €10,000 when there are indications that cash is linked to criminal activity; and
  • customs authorities may also now request that a cash disclosure declaration be lodged when they detect €10,000 or more in cash being sent unaccompanied via post, freight or courier.

The new rules will also ensure that the competent authorities and national FIU in each Member State.

https://ec.europa.eu/taxation_customs/individuals/cash-controls_en

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R1672

[Note – not before time.  During my time with the customs service I was responsible for drafting the equivalent controls in the Isle of Man, and we recognised how limited the original rules were.  Consequently, we amended the rules some years ago to extend the definition of “cash” (after discussions with front line security staff at the ports and airport over what they had actually come across), as well as widening the scope of the rules to encompass mail, freight and courier movements.  In addition, the rules applied to movements to and from anywhere outside the Island, and not just – as in the EU rules – to and from a place outside the EU (but movements between the UK and other EU Member States and the Isle of Man were subject to control by the UK and the member States, as the Island was not considered as part of EU territory for the purposes of the controls).  Incidentally, we also ensured that cash declarations were routed to the FIU, as the new EU rules require, as this was the obvious, logical place for such information to be collated]

https://www.gov.im/media/90826/notice-9011-carrying-cash-in-and-out-of-iom-jan-21.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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