New EU Cash Declaration Rules

A new European Union (EU) law on travellers declaring cash comes into force in one month's time. It is being introduced to help combat money laundering.

As from 15 June 2007, people who are either entering the UK from a non-EU country, or are travelling from the UK to a non-EU country and are carrying 10,000 Euros or more (or the equivalent in other currencies) will be required to declare the cash to HM Revenue & Customs (HMRC) at the place of their departure from, or arrival in, the UK.

Forms on which to make the declaration will be available at ports or airports and will also be downloadable from the HMRC internet site. Travellers could face a penalty of up to £5000 if they fail to comply with the obligation to declare, or provide incorrect or incomplete information.

Dave Humphries, Head of Criminal and Enforcement Policy (HMRC) said: "The declaration system is one means of providing information to assist HMRC in targeting movements of criminal cash more effectively."