EU tightens control over cash flow

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The press service of the Council of the European Union reported that the new regulation, approved to improve control over cash, will make it possible to more effectively combat the financing of terrorism, money laundering and tax fraud. Back in June, the EU Council reached an agreement with the European Parliament on this issue. According to the new regulations, besides banknotes, cash, traveler's checks, prepaid bank cards and gold now belong to the concept of cash. The regulations also apply to postal orders and transportation of cash. At the request of the authorities, for control purposes, travelers will show the money that they carry in their luggage or car.

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