The Council has approved a proposal for the compulsory declaration at EU borders of large amounts of cash: the proposal only applies to external borders of the Union. The aim is to stop untraceable money entering the Community which could then be used to fund crime and terrorist activities. It reflects the policy to increase the use of customs controls in the fight against terrorism and organised crime.
‘Cash’ will include banknotes and cheques. The threshold of €15,000 initially proposed was reduced by the Council to €10,000.
The proposal will now to go back to the Parliament for a second reading.