EU cash flows monitored

People carrying more than €10,000 across the EU’s external borders may soon be monitored in a bid to crack down on money laundering.

If passed, the new laws will mean that travellers coming in and out of the EU will have to declare large amounts of cash to customs authorities.

Border officials will be able to seize any undeclared money and proceedings will be started against the traveller.

According to the commission, the €10,000 threshold is high enough to save the majority of travellers and traders from disproportionate administrative formalities.

The proposal is, “designed to prevent laundered money from reaching criminals and terrorists while at the same time not unduly interfering with the legitimate traveller,” said tax and customs chief Frits Bolkestein.

A joint operation by EU customs authorities monitoring cross-border cash movements over €10,000 during a six month period in 1999 to 2000 revealed total cash movements of €1.35 billion.

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