Press Release: Cash controls: Commission welcomes Council agreement on new measures to combat money laundering

The European Commission welcomed the political agreement reached by the Council of Ministers for Economic and Financial Affairs on a common position on a Commission proposal for Regulation to introduce an EU-wide approach to controlling cash movements in and out of the EU, 16 November 2004. Once adopted, the proposed Regulation would require Member States to ensure travellers entering or leaving the EU through its external borders make a declaration if they are carrying more than €10,000 (or its equivalent in other currencies or easily convertible assets).