Travellers set for new money declaration law

Holidaymakers travelling to non-EU countries or heading back to the UK from a non-EU nation will soon have to declare whether they are carrying large sums of cash under a new law.

From June 15th, travellers carrying €10,000 (£6,844) or the equivalent in another currency between the UK and countries outside of the EU will be obliged to declare their money to HM Revenue and Customs (HMRC) at their UK departure or arrival point.

The law is being introduced in a bid to stamp out money laundering offences. Travellers who fail to comply could be fined up to £5,000.

Dave Humphries, head of criminal and enforcement policy at HMRC, commented: "The declaration system is one means of providing information to assist HMRC in targeting movements of criminal cash more effectively."

The recently signed open skies agreement between the EU and the USA is expected to result in significantly higher numbers of flights becoming available between the two points when it comes into effect next year.

Posted by Mike, 16 May 2007 10:22

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