Final go-ahead from the government

Gold and cash, customs clampdown arrives: threshold at EUR 10,000

The decree transposing the EU regulation includes all bearer securities

by Alessandro Galimberti

10 December 2024

3' min read

Key points

Cash "enlarged"
Customs "detention"
Investment gold
Privacy question

3' min read

Updated definition of 'cash', taking into account technological developments, new legal definitions of gold, expanded seizures and heavier penalties for those who do not declare or declare poorly at customs.

The legislative decree adapting to the European cash circulation rules (EU Regulation 2018/1672), finally approved by the Council of Ministers in the evening of 9 December, brings important changes for all currency/asset transfers in and out of the Union,

Cash 'enlarged'

All bearer negotiable instruments that do not require proof of identity or the right to dispose of them enter the sphere of 'cash' - with the obligation to make a customs declaration: from traveller's cheques to cheques, promissory notes, payment orders without the payee's name, endorsed without restriction, in favour of a fictitious payee, or issued in such a form that the right passes upon delivery. Also equated with cash are currencies with a gold content of at least 90 per cent; and lots in the form of bars, nuggets or aggregates with a gold content of at least 99.5 per cent. As well as prepaid cards that contain currency or cash value or give access to or can be used to pay for, purchase or return currency, if it is not linked to a current account.

Customs 'detention'

The passage of these bearer securities, including cash, must be declared at customs from the value of 10 thousand euro, even if they are travelling in postal packages, in luggage or in any other 'unaccompanied' form. In these hypotheses, the Gdf and the customs authorities - and in all cases there is even the mere 'suspicion' of criminal activity - may order the full detention of the sum, even below the threshold, for 30 days, extendable in the case of investigations.

In order to release the withheld or seized cash, the infringer can still benefit from the definition with oblation, but with higher percentages than in the repealed 2008 rule: the infringement is extinguished by paying 15 % of the money exceeding the threshold (up to EUR 10,000) 10,000, or 30 % up to EUR 40,000 overrun. For more serious infringements, 'paid' extinction is not permitted.

Investment gold

The legislative decree approved on 9 December also changes the definition of investment gold and of gold material, the gold declaration to be transmitted for transactions equal to or exceeding 10,000 euro, and the transfer of the List of Professional Gold Dealers from the Bank of Italy to the Organismo Agenti e Mediatori (Oam).

The new gold trading regulations (Law 7/2000) have an updated definition of "investment gold" which also includes gold destined for further processing, as well as "gold material", which also includes semi-finished products as defined in Article 1(1)(c)(3) of Presidential Decree No. 150 of 30 May 2002, i.e. "products of technological processes of any mechanical or non-mechanical nature, which, while presenting a finished or semi-finished structure, are not directed to a specific use or function, but are intended to be intimately incorporated into composite objects, guaranteed as a whole by the assembling manufacturer".

In addition to this, the new regulatory framework provides, on the one hand, for the reduction of the threshold for gold declarations to 10.000 euro (bringing it into line with the threshold for cash declarations) and, on the other hand, establishes the exemption of the same when the currency declaration is due; all of this, specifying that the obligation to make a declaration also exists in relation to transactions of the same type carried out during the calendar month with the same counterparty that are individually equal to or greater than 2,500 euro and in any case collectively equal to or greater than 10,000 euro.

Privacy issue

The new rules open a focus on the ever-present issue of privacy. Personal data extracted from customs declarations are accessible 'only to duly authorised staff of the competent authorities, who guarantee their security, and are adequately protected against unauthorised access or disclosure'.

Retention of these data bases is allowed 'for a period of five years from the date on which they were obtained. Upon expiry of that period, such personal data shall be deleted', unless compelling investigative activities lead to an extension of a further three years.