MOSCOW, January 1 (RIA Novosti) – Tighter regulations on the movement of cash across borders come into force across the European Union from Tuesday, Russia’s RBK news site reports.
From January 1, anyone crossing European countries’ borders with cash in any currency worth 10,000 Euros or more will have to declare this sum, RBK explains.
The declaration will include the individual’s full passport details, the origin of the sum and the route travelled, RBK adds. Declarations are processed by the EU member state’s Financial Intelligence Unit.
Penalties for incorrect or incomplete data include the full sum in question being detained or seized, the EU cash control website notes.
The EU says this measure is part of efforts to fight illicit cash movement across borders, money laundering and fighting terrorism.