New Squad to Enforce EU Cross-Border Cash Controls

15th August 2017

The squad can impose fines on those carrying more than €10,000 in cash without declaring the money.

A local squad has been set up with powers to patrol the Malta International Airport and impose fines on people carrying more than €10,000, whether leaving or arriving in Malta, without declaring the money. The squad is allowed to confiscate any amounts above this limit which has not been declared, and also has the right to impose a 25% fine where required.

Those declaring amounts above €10,00 must specify who the money belongs to, where it was acquired and what the individual plans to use the money for.

The squad has been established in the wake of a recent update to EU rules on cash transfers. The rules dictate that people carrying more than €10,000 must declare the money even if they are moving between EU member states. The controls are being implemented as the EU steps up its fight against money laundering, drug trafficking and the financing of terrorism.

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