Ukrainian forgets to declare €35,000 in cash, buys Rolex
If you are carrying more than €10,000 in a European country, you must declare it to the customs authorities or face penalties if you are stopped ©Monaco Tribune
A 38-year-old Ukrainian man appeared before the Monaco courts on 7 January 2025 for failing to declare funds in cash on arrival in Monaco.
The man, who lives in Cannes, was tried for offences dating back to 22 May 2024.
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During a routine check in Monaco, the authorities discovered that he was carrying almost €35,000 euros in undeclared cash, in breach of Monegasque law. The ceiling for cash payments in Monaco is set at €30,000 but, since 2022, anyone entering or leaving the Principality with €10,000 euros or more in cash may be subject to checks, police enquiries and precautionary seizures if there is any suspicion regarding the source of the funds.
The man was arrested and taken to the Police Department, where he refused to speak and asked for his lawyer to be present, in light of his poor command of French. He later explained that he had come to the Riviera with an initial sum of €100,000, which a friend had allegedly lent him in March 2024 to start a business.
Faced with administrative issues concerning his plans, he stated that he decided to use some of the money to buy a luxury Rolex watch.
“A good investment”
On the stand, the defendant claimed he acted in good faith, stating that he was unaware carrying the money was illegal. “I apologise,” he said with the help of his interpreter.
The head magistrate was sceptical and queried the logic of buying a watch as part of his business plans: “Why would you buy a Rolex if you intended to start a company?” he asked. The man replied, “where I come from, image is important,” but also that he thought he was making “a good investment,” and that he could sell it later, for example.
The prosecutor pointed out the inconsistencies in these explanations. “This man explains being in possession of nearly €100,000 by the fact he was going to start a company. It’s hard to see the link between buying a watch and setting up a business,” he said, calling for fines and confiscation of the undeclared sums .
The defendant’s lawyer argued for an acquittal, highlighting the extenuating circumstances: “He speaks very little French and English. He has difficulty understanding and has refused to speak to the authorities without his lawyer. He preferred to exercise his rights. He has had time to choose his lawyer and trust him. He is acting in good faith,” he said.
“He freely told the authorities that he had over €35,000 in his possession. If he hasn’t set up his own business, it’s because of administrative complications. He decided to take part of the money to buy a watch. He chose to invest in a tangible asset that could later be sold on.”
The man, who has no prior convictions, has not yet repaid the money lent by his friend and says he still wants to set up his company. The lawyer also explained that his client has every intention of putting his situation in order and complying with Monegasque legislation: “He had no intention of committing a crime,” he added. In his final words to the court, the defendant apologised once again.
After deliberation, the court found the man guilty and fined him €4,500, but did not confiscate the money.