Press Release: Customs: Commission welcomes approval of new cash controls to combat money laundering

The European Commission welcomed the European Parliament's approval on 8 June under the co-decision procedure of a Regulation to introduce an EU-wide approach to controlling cash movements into and out of the EU. The Regulation, which is based on a Commission proposal of June 2002 (see IP/02/955) requires Member States to ensure that 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).