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CASH DECLARTIONS: WHAT CHANGES ON JUNE 3, 2021?
How will the changes affect yacht operations?
For a while now, as part of the EU’s effort to curb money laundering and the financing of terrorism, all travelers including yachts entering or leaving EU territory must complete a cash declaration when carrying EUR 10,000 or more (or equivalent in other currencies, bonds, shares or travelers’ cheques).  
Customs may check persons, their luggage and their means of transport and detain any undeclared cash over Eur 10,000.

Although Monaco has been part of the European Community customs territory since 1968, it is not part of the EU. This means that a cash declaration must be made when entering or leaving Monegasque waters.

What changes as of 3 June 2021?
The new rules have expanded the definition of ‘cash’ to include other valuable items.  The cash declaration must include:
  • Banknotes and coins (including currency now out of general circulation but that can still be exchanged in a financial institution or central bank),
  • Bearer negotiable instruments such as cheques, travelers’ cheques, promissory notes and money orders,
  • Gold coins with a gold content of at least 90 %,
  • Gold bars, nuggets or clumps with a gold content of at least 99.5 %.
Under the new rules, customs may act on amounts lower than EUR 10 000 if there is reason to believe that the cash is linked to criminal activity. The cash declaration itself records information about the economic provenance and future use of the cash.

Failure to lodge a declaration might lead to the cash being detained and other penalties. The process is simple and we can handle if for you. Feel free to contact us if you have any questions.