Regulation (EU) 2018/1672 on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005

Summary:

On 21 December 2016 the European Commission presented a proposal for a Regulation taking into account new best practices in the implementation of international standards on tackling money laundering and terrorism financing within the European Union.

The European Parliament and the Council of the European Union reached an informal agreement on this proposal on 23 May 2018. The  Regulation was adopted on 23 October.

Further information:

The proposed Regulation aims to complement the EU's legal framework for the prevention and terrorist financing laid down in Directive 2015/849. It addresses areas in which an evaluation of Regulation (EC) No 1889/2005 (the Cash Control Regulation) identified room for improvement and implements a number of action points set out in the Commission’s Action Plan for strengthening the fight against terrorist financing.

This proposal was released as part of a package of measures to strengthen the EU's capacity to fight the financing of terrorism and organised crime.

• Primary Source

Official

EUR-Lex: COM(2016)825: Proposal for a Regulation on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005 http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2016:825:FIN

EUR-Lex: SWD(2016)470: Impact assessment accompanying COM(2016)825 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2016:470:FIN

EUR-Lex: SWD(2016)471: Executive summary of the impact assessment accompanying COM(2016)825 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2016:471:FIN

European Commission: Fact Sheet, 21/12/2016: Update of EU rules on cash controls [Q&A] http://europa.eu/rapid/press-release_MEMO-16-4458_en.htm

EPRS: Briefing, 21/12/2016: Controls of cash movements [Implementation Appraisal] http://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2016)593780

European Parliament: Legislative Train: Regulation on controls on cash entering or leaving the Union http://www.europarl.europa.eu/legislative-train/theme-area-of-justice-and-fundamental-rights/file-controls-of-cash-movements

European Parliament: Legislative Observatory: Controls on cash entering or leaving the Union http://www.europarl.europa.eu/oeil-mobile/fiche-procedure/2016/0413(COD)

UK: House of Commons: Written statement, 19/12/2017: European Union Opt-in Decision: Cash Controls Regulation https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-12-19/HCWS371/

European Commission: Press Release, 23/05/2018: Commission welcomes agreement on its proposal to tackle illicit cash flows http://europa.eu/rapid/press-release_IP-18-3867_en.htm

Council of the European Union: Press Release, 27/06/2018: Controls on cash entering and leaving the EU: Council endorses agreement https://www.consilium.europa.eu/en/press/press-releases/2018/06/27/controls-on-cash-entering-and-leaving-the-eu-council-endorses-agreement/

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