Lisbon, Oct. 31, 2024 (Lusa) — People who carry €10,000 or more into or out of Portugal from non-EU countries must declare this amount to the tax authorities and make it available for control.
This is one of the government's measures, in line with Brussels, aimed at curbing the financing of illicit activities through the diversion of money and its reintroduction into the economy.
‘Any carrier who, on entering or leaving national territory, coming from or going to a non-EU territory, takes with them a sum of cash equal to or greater than €10,000 must declare that sum of cash to the Tax Authority and make it available to them for control,’ reads a law published today in the Diário da República.
If the money is not being transported by the person who wants to send it, the Tax Authority can demand that the sender or recipient make a disclosure declaration within 30 days.
The tax authorities can check people, their luggage, and their means of transport to verify compliance with the cash declaration.
In the case of unaccompanied cash, the Tax Authority can check consignments and receipts, such as postal parcels, couriers, unaccompanied baggage, containerised cargo, or means of transport that may contain cash.
If the money declaration is not complied with, the Tax Authority must draw up an unofficial declaration.
Even though the barrier has been set at €10,000, if there are indications that someone is carrying a lower amount of money in connection with criminal activity, the Tax Authority must record this information.
The Tax Authority can temporarily detain the money, a decision that can be appealed.
This can happen if the money is not declared or if there are indications that the money, regardless of its value, is related to criminal activity.
‘The retention period must be limited to the time necessary and not exceed 30 days, but may be extended in specific cases, duly assessed, and always in compliance with the principles of necessity and proportionality, up to a maximum of 90 days, namely when the Tax Authority finds it difficult to obtain information about possible criminal activity,’ he said.
The Tax Authority must also notify the competent authorities of all member states of unofficial declarations or whenever there are indications that the money is related to criminal activities.
In the latter case, the information must also be sent to the European Commission, the European Public Prosecutor's Office and Europol (European Union Agency for Law Enforcement Cooperation).
This is one of the government's measures, in line with Brussels, aimed at curbing the financing of illicit activities through the diversion of money and its reintroduction into the economy.
"Anyone entering or leaving national territory, coming from or going to a non-EU territory, who takes with them a sum of cash equal to or greater than €10,000 must declare that sum of cash to the Tax Authority and make it available to them for control," according to a law published on Thursday in the Diário da República.
If the money is not being transported by the person who wants to send it, the Tax Authority can demand that the sender or recipient make a disclosure declaration within 30 days.
The tax authorities can check people, their luggage, and their means of transport to verify compliance with the cash declaration.
In the case of unaccompanied cash, the Tax Authority can check consignments and receipts, such as postal parcels, couriers, unaccompanied baggage, containerised cargo or means of transport that may contain cash.
If the money declaration is not complied with, the Tax Authority must draw up an unofficial declaration.
Even though the barrier has been set at €10,000, if there are indications that someone is carrying a lower amount of money in connection with criminal activity, the Tax Authority must record this information.
The Tax Authority can temporarily detain the money, a decision that can be appealed.
This can happen if the money is not declared or there are indications that it, regardless of its value, is related to criminal activity.
"The retention period must be limited to the time necessary and not exceed 30 days, but may be extended in specific cases, duly assessed, and always in compliance with the principles of necessity and proportionality, up to a maximum of 90 days, namely when the Tax Authority finds it difficult to obtain information about possible criminal activity," he said.
The Tax Authority must also notify the competent authorities of all member states of unofficial declarations or whenever there are indications that the money is related to criminal activities.
In the latter case, the information must also be sent to the European Commission, the European Public Prosecutor's Office and Europol (European Union Agency for Law Enforcement Cooperation).
PE/ADB // ADB.
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