EU Report: Customs Agents Can’t Monitor Cryptocurrencies

A draft report being developed by two committees in the European Parliament, the EU’s legislative branch, highlights concerns over the ability of border agents to monitor the movement of cryptocurrencies.

The report “on the proposal for a regulation of the European Parliament and of the Council on controls on cash entering or leaving the Union and repealing Regulation”, dated September 29, largely deals with cash, as well as other payment methods such as prepaid cards.

According to the text, the report is being prepared by the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs.

And while it offers no specific policy measures related to cryptocurrencies, the report cites them as a major issue for customs agents.

The report’s authors write:

“Despite the high level of risk posed by virtual currencies as evidenced in the Commission’s report of [June 26] on the assessment of the risks of money laundering and terrorist financing affecting the internal market and relating to cross-border activities, customs authorities lack sufficient resources to monitor them.”

The in-progress nature of the draft raises the question of whether the remarks about cryptocurrencies will make it in the final version. Further, the document features proposed regulations for the monitoring of cash at EU borders, but in its current state no amendments related to cryptocurrencies specifically are included.

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