REGULATION (EU) 2018/1672 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 23 October 2018 on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005
REGULATION (EU) 2018/1672 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 23 October 2018
on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005
This Regulation shall be binding in its entirety and directly applicable in all Member States.
This Regulation provides for a system of controls with respect to cash entering or leaving the Union to complement the legal framework for the prevention of money laundering and terrorist financing laid down in Directive (EU) 2015/849.
Member States shall ensure that persons who enter or leave the Union or persons who send unaccompanied cash from the Union or who receive unaccompanied cash in the Union are informed of their rights and obligations under this Regulation and shall, in cooperation with the Commission, develop appropriate materials aimed at those persons.
Member States shall ensure that sufficient funding is made available for such information campaigns.
Each Member State shall introduce penalties which shall apply in the event of failure to comply with the obligation to declare accompanied cash laid down in Article 3 or the obligation to disclose unaccompanied cash laid down in Article 4. Such penalties shall be effective, proportionate and dissuasive.
References to the repealed Regulation shall be construed as references to this Regulation and shall be read in accordance with the correlation table in Annex II.
Commodities used as highly-liquid stores of value and prepaid cards which are considered cash in accordance with point (a)(iii) and (iv) of Article 2(1)
1.Commodities used as highly-liquid stores of value:
(a)
coins with a gold content of at least 90 %; and
(b)
bullion such as bars, nuggets or clumps with a gold content of at least 99,5 %.