Press Release: Agreement on cash control at EU external frontiers to combat terrorist financing

Meeting in Brussels on 16 November 2004, the Economic and Financial Affairs Council reached a political agreement on the proposal for a Regulation on controls of cash entering or leaving the Community. The Regulation is aimed at supplementing Directive 91/308/EEC on the prevention of the use of the financial system for the purpose of money laundering - which is currently under review in order to better combat terrorist financing - by providing a common system for cash controls at the European Union's external frontiers.