To export or import an amount exceeding €10,000, you must fill out a declaration indicating what you intend to spend it on. Ignoring the new rule could end badly: the money may be confiscated if the traveler is suspected of money laundering. The new requirements apply not only to all types of currency, but also to traveler's checks, shares, bonds and other convertible securities.
Moreover, customs authorities now have the right to demand explanations and even detain those who regularly export large sums, reports ITAR-TASS. Previously, EU states made their own decisions regarding control over capital movements, so the amounts subject to mandatory declaration varied from 7,000 to 15,000. However, deciding to counter terrorism and money laundering, the European Commission decided to introduce uniform rules.
Furthermore, Europeans themselves are very wary of carrying large amounts of cash, preferring plastic cards, which are easier to track. Especially since in 2007 the European Commission adopted a directive on the unification of the banking services market, which should simplify bank transactions between EU countries as much as possible and encourage the widespread use of bank cards.
Tour operators say that the new rules will not affect their clients at all, especially since mass tourism does not involve such large sums. 'First of all, the rules will affect those who bring large sums into these countries, say, for purely personal purposes. It will not affect tourism, and will not fundamentally change anything,' believes Suren Khachaturyan, a representative of a travel company. As for citizens who still want to bring a large sum into Europe or take it out without explaining to anyone, he says, 'you can have more than $10,000 on a credit card.'
'Having it will ensure a comfortable stay in the country, both for ordinary tourists and for VIPs who spend very different amounts on vacation. And withdrawing money from an account is a poorly controlled matter, although thanks to interbank agreements, it is quite possible. If it's not tourism, there are still a million ways to take funds out, including accounts abroad. Moreover, the country has customs rules that strictly limit the transport of money. So if we are talking about large amounts—exceeding $10,000—then this was already against the law,' he says.
Mike GABRIELYAN.
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