Europe Extends Cash Declaration Limit For all Travellers

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Finance ministers of EU Member States have officially signed a new directive in hopes to improve the current system of controls with respect to goods entering or leaving Europe by replacing regulation 1889/2005. The threshold now extends the EUR 10,000 declaration limit on cash moved in or out of the Eurozone area, to cover money sent in:

• Postal parcels.
• Freight shipments.
• Prepaid cards.
• Precious commodities.

The main objective is to allow for the development of new best practices in the implementation within the EU of international standards on contending money laundering and terrorism financing developed by the Financial Action Task Force (FATF). The regulation now further extends the definition of cash to include other methods of payment other than currency, such as cheques, traveller’s cheques, gold and prepaid cards.