European regulation: toward an obligation to declare transfers of more than 10,000€
From the 3rd of June 2021, the Monetary and Financial Code will make it compulsory to declare cash transfers of more than €10,000 when they are made by post or freight.
Cash is defined as: cash, bearer trading instruments, prepaid cards and goods serving as a reserve (gold).
In the event of failure to comply with this obligation, a temporary withholding may be applied if the infringement is found to have occurred. The administration must suspect that the transfer is related to criminal activity.
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