Security Union: Commission welcomes agreement on its proposal to tackle illicit cash flows

The Commission has welcomed the agreement reached by EU Member States and the European Parliament last night on key measures to control illicit cash flows at EU customs. The reinforced rules complement the EU’s anti-money laundering rules and form part of the European Agenda on Security and work to fight the financing of terrorism.

The decision was taken following a final round of negotiations in Brussels. Putting tighter controls on large cash flows strengthens the capacity of the EU to tackle money laundering, fight terrorism and organised crime, making it harder for terrorists and criminals to finance their activities. Cutting off the sources of financing is one of the most effective ways to stop potential terrorist attacks and criminal activities in the EU and worldwide. Welcoming the political agreement, Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “We are going further than ever before in the fight against money laundering and terrorism, with the aim of ensuring a safer society. We are responding to the expectations of our citizens, who are understandably outraged by the criminals and terrorist activity on our soil. I welcome today’s agreement to curb the circumvention of cash controls at the EU’s external borders.” Last night’s press release on the agreement is available here.