{"id":28746,"date":"2017-12-11T12:17:04","date_gmt":"2017-12-11T17:17:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28746"},"modified":"2017-12-11T12:17:04","modified_gmt":"2017-12-11T17:17:04","slug":"a-new-stealth-attack-in-eus-war-on-cash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28746","title":{"rendered":"A New Stealth Attack in EU\u2019s \u201cWar on Cash\u201d"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/wolfstreet.com\/2017\/12\/10\/a-new-stealth-attack-in-eus-war-on-cash\/\">A New Stealth Attack in EU\u2019s \u201cWar on Cash\u201d<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>And the definition of \u201ccash\u201d widens.<\/strong><\/p>\n<p>The EU\u2019s Orwellian-dubbed Civil Liberties and Economic Affairs committee <a href=\"http:\/\/www.europarl.europa.eu\/news\/en\/press-room\/20171204IPR89410\/cross-border-cash-movements-tightening-up-anti-terror-and-crime-checks\">has approved<\/a> tough new rules on cash that travelers might bring into or take out of the bloc. It\u2019s also broadened the definition of cash to include precious stones and metals and prepaid credit cards.<\/p>\n<p>For the moment the new definition does not include Bitcoin and other cryptocurrencies, for one simple reason: \u201ccustoms authorities lack the resources to monitor them.\u201d<\/p>\n<p>Most importantly, the draft law will enable authorities to impound \u201ccash\u201d below the traditional \u20ac10,000 threshold, if criminal activity is suspected. The new rules would repeal the <a href=\"http:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:32005R1889&amp;rid=1\" target=\"_blank\" rel=\"noopener\">First Cash Control Regulation<\/a> (CCR) from 2005, which requires individuals to declare sums over \u20ac10,000 when leaving or entering the EU.<\/p>\n<p>The draft law still needs to be approved by the European Parliament. Then the legislation needs to be negotiated with EU governments.\u00a0If the law is passed, anyone acting suspiciously carrying any amount of cash, whether in notes, precious stones, precious metals or prepaid credit cards, could face having their \u201cmoney\u201d impounded.<\/p>\n<p>\u201cLarge sums of cash, be it banknotes or gold bullion, are often used for criminal activities such as money laundering or terrorist financing,\u201d said Mady Delvaux, the Committee\u2019s co-rapporteur. \u201cWith this legislation, we give our authorities the tools they need to improve their fight against those crimes.\u201d<\/p>\n<p>It could be argued that any legislation aimed at disrupting criminal financial networks is, de facto,<i> <\/i>a welcome move, but that would ignore the fact that many forms of modern-day tax evasion, avoidance and money laundering are conducted <em>without<\/em> cash through shell corporations located across multiple jurisdictions, including Luxembourg.<\/p>\n<\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A New Stealth Attack in EU\u2019s \u201cWar on Cash\u201d And the definition of \u201ccash\u201d widens. The EU\u2019s Orwellian-dubbed Civil Liberties and Economic Affairs committee has approved tough new rules on cash that travelers might bring into or take out of the bloc. It\u2019s also broadened the definition of cash to include precious stones and metals [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,5660,279,284,647,17440,4927,4255],"class_list":["post-28746","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-don-quijones","tag-eu","tag-european-union","tag-precious-metals","tag-precious-stones","tag-war-on-cash","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28746"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28746\/revisions"}],"predecessor-version":[{"id":28747,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28746\/revisions\/28747"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}