Press Release: Free movement of capital: Commission closes proceedings against France on money transfer penalties

Following the satisfactory amendment of French legislation, the European Commission on 28 October 2004 closed infringement procedures against France concerning money transfers. The Commission had objected to excessive penalties for breaches of administrative requirements under French law to declare any incoming or outgoing transfer of money, stock or securities equal to or exceeding €7622.45 (FRF 50 000). In the eyes of the Commission the penalties had been incompatible with EC Treaty rules on the free movement of capital.