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The EC investigates possibilities for setting up a joint financial intelligence body

The European Commission (EC) investigates the possibilities for setting up a joint financial intelligence body in the European Union, insisted the MEPs from the Committee on Civil Liberties of the European Parliament. Their request is related to the prepared changes to the rules for the transfer of currencies within and outside the EU. The first regulation in this direction was adopted in 2005.

By virtue of the texts of this normative act, the individuals have the obligation to declare amounts exceeding 10,000 EUR in cross-border transmission. However, according to European lawmakers, the regulation has “holes” and ambiguities that allow criminals to avoid restrictions.

Despite the high risk of transferring Bitcoins, the new rules do not cover crypto-currencies because MEPs recognize that customs authorities have no resources to control them.

With the proposal for a change, the EP wants to be given a precise definition of what can be transported across the border without a declaration. Thus, the broad definition of “cash” will also account for the value of gold jewelry, precious stones and metals, as well as anonymous credit cards.

Authorities will be able to hold money and jewels and below the threshold of 10,000 EUR, if they have suspicions of criminal activity, they also foresee changes that have been approved by the parliamentary committee. The EU countries have information that members of an Islamic State, for example, are transferring amounts below the border, and the authorities can do nothing. This change will avoid these cases.

The MEPs also want the EC to work on convergence of sanctions for illicit cash transfers.

The draft amendments to the regulation must be approved during a plenary session of the EP, and then negotiations with the member states will begin, the parliament added.

About Viliyana Filipova

Viliyana Filipova is 27 year-old girl from Varna, Bulgaria. She is founder and Chief Editor of Finance Apprise Journal, working also as analyzer on the world finance and commodity markets.

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