Press Release: Customs/New rules to combat money laundering and terrorist financing: persons entering or leaving the EU have to declare cash movements

As from 15 June 2007, travellers entering or leaving the EU are required to make a declaration to customs authorities if they are carrying €10,000 or more in cash (or its equivalent in other currencies or easily convertible assets such as non crossed cheques). This legislation aims to introduce an EU-wide common approach to controlling cash movements into and out of the EU. It complements the EU's Money Laundering Directive which has already introduced a monitoring of transactions made through credit and financial institutions.