New Rules For Cross-Border Cash and Gold Bullion Movements

Tuesday, December 19, 2017
By Paul Martin

By: GoldCore
GoldSeek.com
Tuesday, 19 December 2017

– 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

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.

According to the European Parliament news website, MEPs have agreed to:

– widen the definition of ”cash” to include gold, precious stones and metals, as well as anonymous prepaid electronic cash cards,
– enable the authorities to impound cash below the €10,000 threshold temporarily, if criminal activity is suspected, and
– make it mandatory to disclose “unaccompanied” cash sent by cargo.
The justification for these changes? They say the current legislation is ‘riddled’ with loopholes. These loopholes apparently make it very easy for money to be laundered across borders, especially as criminals regularly move amounts below the €10,000 limit.

Large sums of cash, be it banknotes or gold bullion are often used for criminal activities such as money laundering, or terrorist financing. With this legislation, we give our authorities the tools they need to improve their fight against those crimes,” Mady Delvaux, MEP.

This decision to tighten controls is not a surprise. On December 21st last year the European Commission announced plans to increase efforts to “tighten cash controls, ease cross border police probes, and speed up asset freezes and confiscation orders”. This is all part of a larger “Security Union” package launched in April 2015.

No conviction needed

The Rest…HERE

One Response to “New Rules For Cross-Border Cash and Gold Bullion Movements”

  1. Strayhorse

    Except if you are an Israeli transport plane flying out of Georgia during a 6hr backout.

    #3512375

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