Cash transfers are more tightly controlled
Organized crime should be combated
The EU gives customs more rights. For example, the customs authorities should give more control to travelers at the external borders of the EU. Mail is also affected. The background is the fight against terrorist financing and organized crime as well as the money laundering that often accompanies it. The EU Commission has agreed on new rules with representatives of EU Member States and with representatives of the EU Parliament.
Authorities may act on suspicion
Under the new rules, the authorities are allowed to act on suspicion - even with amounts below the registration limit of 10,000 euros. It is also envisaged that the customs authorities will tighten controls on cash and prepaid credit cards as well as valuable goods. According to the previous regulations, there is only the obligation to declare cash in the amount of 10,000 euros and certain securities upon entry and exit from the EU.
Regulations are bypassed
The past has shown that the rules were repeatedly deceived. In particular, criminals and terrorists have found ways to circumvent the rules on cash control. Furthermore, the new regulations are intended to prevent organized crime from shifting or washing illegally obtained cash due to inadequate regulations. European Commissioner Pierre Moscovici wants to use the new rules to make society safer and to strengthen the fight against money laundering and terrorism. Moscovici is proud that it has come to an agreement within the EU. Thus, the circumvention of the cash controls at the EU's external borders is effectively counteracted, said the EU Commissioner.
No restriction on cash payments in EU countries
As far as cash payments in the Member States are concerned, Moscovici reassures. These are not restricted by the new regulations. However, the new regulations have not yet come into force. The formal approval of the European Parliament and the Member States is still missing. The Regulation will then be published in the Official Journal of the EU and enter into force 20 days later.
Not the first push in this direction
This is not the first attempt in this direction. In recent years, attempts have been made worldwide to restrict or even abolish cash. For example, the European Commission decided last year not to accept the 500-euro note as a means of payment. Such advances are often motivated by the fight against undeclared work and money laundering or the financing of terrorism. However, there are probably other reasons as well. In the light of the digitization of money, the fact that it will only be possible for citizens to protect their savings from access by the state will certainly play a role. Also, with the use of cash, it is possible to pay anonymously. Furthermore, no personal data can be collected in this way.