Cash, Precious Metals (read Gold), and other transfers from outside the European Union are being isolated in efforts to reduce funding for potential terrorist and criminal threats.
Following recent events, notably the attack in Berlin, Germany, where twelve individuals were murdered by a vehicle going through a crowd, the EU has stressed this plan that appears to have been originally released about one year ago.
One way of enforcing it is through postal and freight checks, unfortunately (or fortunately depending on your views concerning privacy) it is impossible to check every parcel, small or large. Some might even suggest customs would need to enforce strict patrols in traditionally lax border zones.
The goal is that officers and other authorities could size hard cash, gold, or other valuables being imported or exported by suspicious individuals. For example, anyone carrying over 10,000 Euros currently must declare this to customs. Having not done so, and according to the discretion of the officer, you may be required to forfeit your savings.
Ironically, some evidence suggests that recent attacks have been very much financed from within the EU and via limited funding. Furthermore, a “tracking” program for terrorist and criminal activity focused on the EU may be of greater assistance in understanding the complex banking elements behind this.
Mr. Julian King, Security Commissioner was quoted in Brussels as suggesting there are “new ways of transferring money,” and that existing schemes must be updated. He noted that he hopes to have something by Summer 2017.
The EU Commission proposed a set of common rules to freeze terrorist and criminal funds. By adhering to these common rules, the EU also hopes to fight money laundering generally, where formally criminal elements would jockey between countries to exploit legal technicalities.
While the proposal would increase collaboration between all members, it requires EU Parliamentary approval. Should the proposal receive it, potential money laundering threats including bitcoin, and prepaid cards (used to fund French bombings) would also be targeted.