Cashing in (and out) – European currency controls

A 2010 report by the European Commission on the early operation of the European Union’s (EU) cash control regulation (1889/2005), which came into force in 2007, said implementation had been “generally satisfactory” but the jury is still out on its usefulness as an anti-money laundering (AML) tool, writes Alan Osborn.

The measure was specifically drawn up and put into law in order to prevent subversion of the Third Money Laundering Directive (2005/60/EC) by the movement of big cash shipments.