ITA ADM issued Circular 1/2025 re DLgs 211/2024 amending currency regulations.
Follows ITA FIU Jan. 2025 announced rules implementing Reg 2018/1672 #240681.
Follows ITA GVT Feb, 2024 issued delegating law to implement EU law, see #202371.
Context
DLgs 211/2024 adapted national law to Reg 2018/1672 on controls of cash entering or leaving EU in implementation of delegation criteria in art 15 of Law 15 of Feb. 21, 2024 (EU Delegation Law 2022-2023); officially published on Jan. 2, in force Jan 17, 2025.
Amended DLgs 195/2008 on currency legislation implementing Reg 1889/2005 to fully implement provisions of Reg 2018/1672 and Implementing Reg 2021/776.
Done in line with delegation criteria set out in art 15 EU Delegation Law 2022-2023.
Also amended Law 7/2000 on rules for gold market to coordinate with Reg 2018/1672 and avoid overlapping of declaration obligations regarding gold.
Specifies prerequisites, methods, terms, related disciplinary apparatus in event of violation, as provided for in art 15, paragraph 3b) of EU Delegation Law 2022-2023.
Key Aspects
Main innovations introduced by DLgs 211/2024 regarding cross-border movements of cash, as regulated by DLgs 195/2008, can be traced back to areas and institutions.
I.e. competent authorities for assessment; definition of cash; reporting obligations; temporary retention of cash and penalties regime (the circular covers all in detail).
E.g. states that on basis of combined provisions of art 1a) and art 4 DLgs 195/2008, as amended, ITA ADM retains its jurisdiction to ascertain violations of currency rules.
On subject of competence, new law also attributed to ITA GDF powers and faculties similar to those already foreseen for customs officials; more details.
Para 1b) of decree amends definitions in art 1 DLgs 195/2008, in particular definition of cash for purposes of foreign exchange legislation, in line with definition in art 1.1a Reg 2018/1672 already applicable to extra-EU movements.
Due to the changes, definition of cash applies to all intra-, extra-EU cash movements.
Starting Jan. 17, 2025, intra-EU movements involving investment gold and/or non-legal tender coins that can still be exchanged for banknotes and coins in circulation are also subject to currency reporting obligations set out in art 3 of DLgs 195/2008.
Re prepaid cards, in line with what already highlighted in Circular 12/2024, noted point 2 of Annex I to Reg 2018/1672 does not provide any specification of prepaid cards that can be referred to notion of cash.
To be included in definition, is necessary to adopt delegated act that provides for this.
Re reporting, circular covers obligation to make cash available, information statement on unaccompanied cash, official declaration pursuant to art 4.2-bis DLgs 195/2008.
As well as timings and related aspects like penalties that could be imposed.
Re changes to Law 7/2000 notes the new definition of investment gold, stressing that declarations must be made to ITA FIU now; more details on this are provided.
In cases where gold being transferred falls within definition of cash, the assessment will be carried out according to procedures set out in DLgs 195/2008, Reg 2018/1672.
