Sums of euro10,000 or more will have to be declared to beat financial criminals
Accountants whose clients move large sums of cash in and out of the European Union (EU) will have to abide by a new EU regulation ordering that sums of euro 10,000 or above be declared.
Only a handful of member states currently impose such rules, either for cash, cheques, promissory notes or money orders.
And because of concerns this could be exploited by money launderers or terrorist financiers, the European Commission has proposed harmonised EU controls, recently approved in principle by the EU Council of Ministers.
These insist anyone carrying Euro 10,000 cash or more in or out of the EU ‘shall declare that sum to the competent authorities’ along with the travellers’ name, nationality, date and place of birth, the cash’s owner, its intended recipient and use, the amount, its source and whether notes or other payment instruments are being used.
Without such a declaration, the money could be seized.