Travelers entering or leaving the European Union with 10,000 euros or more must declare them today or risk incurring a fine or jail sentence. Legislation setting the new cross-border cash declaration rule is aimed at stopping cash smuggling across the European Union, which have become more prominent as financial institutions tighten their anti-money laundering compliance programs. The new rule gives customs officers across the EU the power to search individuals and their luggage for cash, bank drafts and checks and confiscate any undeclared cash if it reaches or exceeds the 10,000 euro threshold. Penalties â€“ which the EU commission is...
An expected strengthening of data privacy standards in Europe and elsewhere could hinder efforts by multinational banks to share information on suspicious clients with their foreign affiliates, say current and former U.S. officials.
European Union justice ministers agreed Friday on guidelines for the sharing of personal data among law enforcement agencies and European courts, giving European citizens greater assurances of privacy in terrorism and criminal cases.
The case involves the conviction of a man in Texas on money laundering charges for attempting to smuggle more than $83,000 in cash into Mexico, according to court documents. It is the only case this month that U.S. justices have agreed to hear, according to the Supreme Court's Web site.
The Fatah-run Palestinian government, which is vying with Hamas for the control of the divided Palestinian territories, is drafting measures to counter money laundering by its rival, but compliance experts say the effort is mere "window dressing."