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Thursday, December 2, 2021

The EU revised the rules for the import of the cash

The rules have been changed as part of the fight against money laundering.

The new rules for the import of cash begin to work in the countries of the European Union on June 3, 2021.

In the European Union, the definition of “cash” was expanded at the expense of an equivalent in other currencies, bonds, stocks or checks, according to the website of the European Commission.

As part of the EU’s efforts to combat money laundering and terrorist financing, all tourists entering or leaving the EU will be required to complete a cash declaration of € 10,000 or more.

EU customs officials have the right to inspect people, their luggage and vehicles, as well as seize undeclared cash.

From June 3, the rules apply to the equivalent of 10 thousand euros:

– banknotes and coins (including currencies that are no longer in circulation but can still be exchanged at a financial institution or central bank);

– bearer instruments such as checks, travelers checks, bills of exchange and money orders;

– gold coins with a gold content of at least 90%;

– gold bars, nuggets or lumps with a gold content of at least 99.5%.

Customs officers may require entering citizens to submit a declaration of sending 10 thousand euros or more in cash by mail or courier.

The new rules allow customs officers to act in accordance with the instructions and for amounts less than 10 thousand euros, if, from their point of view, there are signs that the cash is related to criminal activity.

The cash declaration provides detailed information on the origin and future use of cash.

Earlier it was reported that tourists from Ukraine to enter Turkey from June 4 must have either a negative PCR test for COVID-19, or a rapid test for the determination of the SARS-CoV-2 antigen, or a document on full vaccination against coronavirus, or a document, certifying that the person has had COVID-19.

It was also reported that the UK has announced plans to introduce a point-based migration system as part of a sweeping overhaul of the country’s immigration system.

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