Obligation to declare new liquid assets: new sanction

Any person entering or leaving the European Union via Belgium and who is carrying 10,000 EUR or more must declare this to the Customs Authorities on his own initiative. The Customs will draw up a written and electronic statement which is made available to the Financial Intelligence Processing Unit (the so-called “Money-Laundering Unit”).

For the movement of liquid assets of 10,000 € or more within the European Union a declaration is only required if the authorities demand to do so.

Liquid assets shall not only mean cash money, but also traveller’s cheques, bearer cheques and incomplete cheques.

Violations of the obligation to declare are subject to a penalty of €125 to €1,250 as well as the seizure and confiscation of the liquid assets.