The bureaucrats on the EU’s wonderfully named, Civil Liberties and Economic Affairs Committee recently drafted a new law targeting those travelling within the Eurozone with “gold, precious stones and metals”. The bottom line is this: from now on you are automatically suspected of money laundering.
Assuming this new law passes later this year, and it looks almost certain given the overwhelming support a draft version received, when you declare any valuables on your person at an EU border officials can simply decide they don’t like the look of you and seize your assets. Simple as that. No prior convictions needed or even probable cause. In fact, they don’t even have to take a physical look at you in order to seize your property as even unaccompanied valuables are up for grabs if undisclosed.
Welcome to Europe 2018.
Fear, uncertainty and doubt
As usual, the exact rules are clear as mud. The new law covers such vagaries as “anonymous prepaid electronic cards” which for example may include such things as the Goldmoney gold debit card. Enquiring minds are left none the wiser whether the definition of precious metals includes wedding rings, legal tender coins, works of art, or commercial parts. The exact rules and their interpretation are presumably left up to whichever official is on duty when you and/or your metals cross the border.
But course, being clear would just undermine their true intentions. Anyone prepared to do a little research on Google will discover the true vehicle for serious money laundering. This of course remains fiat currencies, predominately the US dollar via the global banks.
The noose tightens
Even the most skeptical can see the ever tightening noose around the freedom of ordinary people to travel with their cash, precious metals or other liquid assets. Long gone are the days when you could travel with enough physical cash or gold to set up life in a new country. Pretty soon crossing international borders with anything more than enough cash for a weekend will be Verboten!
With this in mind here’s two thoughts:
- Financially internationalizing oneself is prudent. Do it before you need to. Better uncomfortably early than a day late;
- Physically moving around even smallish quantities of metals is becoming too risky. Therefore a bailment service should make up a significant part of your precious metal strategy.
For a comprehensive discussion on this topic have a look at our section on internationally transporting precious metals.