EU takes measures to control illicit cash flows

The European Commission on Thursday said in a statement that it welcomed the agreement reached by EU member states and the European Parliament on key measures to control illicit cash flows in and out of the EU.

The reinforced rules complement the EU's anti-money laundering rules and form part of its work to fight the financing of terrorism.

The main rules include measures to tighten cash controls on people entering or leaving the EU with 10,000 euros or more in cash.

The EU will also improve the exchange of information between member states.

The statement said cutting off the sources of financing is one of the most effective ways to stop potential terrorist attacks and criminal activities.

Welcoming the agreement, European Commissioner for Economic and Financial Affairs Pierre Moscovici said: "We are going further than ever before in the fight against money laundering and terrorism, with the aim of ensuring a safer society."