Cash entering or leaving the European Union will be subject to tougher checks, according to new rules backed by the European Parliament’s Civil Liberties and Economic Affairs committees.

The new rules repeal the First Cash Control Regulation (CCR) from 2005, which requires individuals to declare sums over €10,000 when leaving or entering the EU.

MEPs on December 4 agreed to close loopholes exploited by criminals, such as divergent penalties in different member states, travelling with sums ...

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