December 21 2016
This proposal brings the Cash Control Regulation (hereinafter ‘CCR’) into line with international norms and best practices in the fight against money laundering and the financing of terrorism. It addresses areas in which an evaluation of the CCR identified room for improvement and implements a number of action points set out in the Commission’s Communication on an Action Plan for strengthening the fight against terrorist financing.
An evaluation of the extent to which the first CCR achieved its objectives, information received from Member States as well as the evolution of the international standards to control cross-border flows of cash led the Commission to conclude that, while the overall performance of the Regulation was good, a number of areas posed problems and should be strengthened to improve its functioning.