BRUSSELS, June 2 (KUNA) -- The EU on Wednesday said new rules come into force tomorrow aimed at improving the 27-member bloc's cash control system, a measure it said would help fight terror financing.
As part of the EU's efforts to tackle money laundering, all travellers entering or leaving its territory are already obliged to complete a cash declaration when carrying 10,000 euros or more in currency, or its equivalent in other currencies, according to an EU press release.
As of this Thursday, however, a number of changes will be implemented that will further tighten the rules and make it even more difficult to move large amounts of undetected cash.
First, the definition of آ‘cash' under the new rules will be extended and will now cover gold coins and certain other gold items.
Second, customs authorities will be able to act on amounts lower than 10,000 euros when there are indications that cash is linked to criminal activity.
Finally, customs authorities may also now request that a cash disclosure declaration be lodged when they detect 10,000 euros or more in cash being sent unaccompanied via post, freight or courier.
The new rules will also ensure that the competent authorities and national Financial Intelligence Unit in each member state have the information they need to track and tackle movements of cash that could be used to fund illegal activity, it added. (end) nk.nam