The Department for Specialized Training and Canine services of the State Customs Service informs about amendments to the Regulation (EC) No 1889/2005 of the European Parliament and of the Council of 26 October 2005 on controls of cash entering or leaving the Community.
As part of the EU’s efforts to tackle money laundering and the financing of terrorism, all travellers entering or leaving EU territory are already obliged to complete a cash declaration when carrying EUR 10 000 or more (or equivalent in other currencies, bonds, shares or travellers’ cheques).
Customs authorities are empowered to check persons, their luggage and their means of transport. They are also empowered to detain undeclared cash.
What changes as of 3 June 2021?
1) The definition of ‘cash’ in the rules will be extended to include certain other valuable items.
This means that as of that date, you must lodge a cash declaration if you are carrying EUR 10 000 (or its equivalent in other currencies) or more in value of one or more of the following items included under the new definition of cash, when entering or leaving the EU:
Banknotes and coins (including currency now out of general circulation but that can still be exchanged in a financial institution or central bank),
Bearer negotiable instruments such as cheques, travellers’ cheques, promissory notes and money orders,
Gold coins with a gold content of at least 90 %,
Gold bars, nuggets or clumps with a gold content of at least 99.5 %.
Customs authorities may also now request that a cash disclosure declaration be lodged when they detect EUR 10 000 or more in cash (as included in the new definition), being sent by post, freight or courier (unaccompanied cash). If requested, this declaration should be made within 30 days by the recipient, sender or by an appointed representative of the two.
The new rules also authorise customs authorities to act on amounts lower than EUR 10 000 when there are indications that the cash is linked to criminal activity.
Link to video on the rules on entering or leaving EU with cash or certain valuable items worth over EUR 10 000