New EU Rules For Cross-Border Cash, Gold Bullion Movements
– War on cash continues and expands to affect non-criminals including gold owners
– New definitions of ‘cash’ to be drawn up by EU to include gold and precious metals
– Claim cash and gold bullion ‘often used for criminal activities such as money laundering, or terrorist financing’
– Legislation will allow authorities to seize assets from those ‘without a criminal conviction’
– New rules usurp those currently in existence since 2005
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The ironically named European Parliament’s Civil Liberties and Economic Affairs committees have backed plans by the European Union to introduce tougher checks and controls on cash entering or leaving the region.
Currently individuals are required to declare cross-border cash sums of 10,000 or more, under the First Cash Control Regulation (CCR) from 2005. A new decision will repeal the CCR and allow authorities to seize cash below the 10,000 threshold should criminal activity be suspected.
This post was published at Gold Core on December 19, 2017.