A security or a collateral is frequently required by the Customs to ensure that the
declarant discharges any obligations undertaken to Customs. The primary aim of security is to
secure the payment of duties and taxes. In other instances security may also be required to
secure the fulfilment of any other obligations the declarant or operator may have in regard to a
Customs procedure or practice or any other requirements that may be specified by Customs.
National legislation must therefore contain provisions that enable Customs to take a security
under any appropriate procedure or practice. Since providing a security is often expensive and
the costs of obtaining the security are normally added to the cost of the international movement
of the goods, it is essential that provisions relating to security be clear and transparent for
traders. This way economic operators will be informed of the requirements and the financial
liabilities involved in any transaction