EXCHANGE OF UNTAXED CURRENCY INTO EUROS.

Responding to a written question from the French MEP Hughes Martin (EPP-ED) regarding the exchange of untaxed currency into Euros, EU Economic and Monetary Affairs Commissioner Pedro Solbes indicated that in order to avoid complicating the exchange of national currencies into Euro-denominated notes and coins in January 2002, the Member States are anxious not to introduce any new controls over those that already exist. Mr Solbes simply suggests that on the switch to the Euro, banks should control the identity of clients wishing to convert more than Euro 15,000 in one or more transactions, under Directive 91/308/EC, concerning prevention of the use of the financial system for the...