The Council of the Ministers of the Economy and Finance (ECOFIN) reached a “political agreement” (voted by qualified majority with the sole contrary vote of the Italian delegation) in Brussels last week, with regard to the proposed Regulation of the Commission on controls on the circulation of cash between EU countries at the point of entry or exit from EU territory. The accord, adopted in the framework of the fight against international terrorism and money laundering as part of the programme of measures implemented by Brussels after the terror attacks of 11 November to combat the funding of terrorist groups, intends to establish a common system for the control of cash flows at the external frontiers of the Union. The Council fixed “at 10,000 Euros the threshold above which each citizen will be obliged to declare the cash at the time of crossing the external frontiers”. The initial threshold proposed by the Commission was 15,000 Euros. The Council will present a “common position” to the European Parliament by the end of the year with a view to a second reading in the hope of achieving the approval of the final text of the law within the first months of 2005. ———————————————————————————————————– Sir Europa (English) N.ro assoluto : 1343 N.ro relativo : 83 Data pubblicazione : 24/11/2004
