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New EU-wide cash controls

Euroopa © photocase.com/bIO-54o

© photocase.com/bIO-54o

1. July 2007

Effective immediately - Travellers may not enter or leave the EU with more than EUR 10,000 in cash unless they declare it to customs officials.

On 12th July 2005 the EU Council of Ministers passed a regulation imposing controls on cash entering and leaving the EU. All travellers entering or leaving the EU with more than EUR 10,000 in cash are now obliged to declare it to customs officials. Under the new rules, customs authorities are empowered to search people and their luggage and to hold cash that has not been declared. EU members may impose sanctions on offenders in contravention of the new regulation. The aim of the new restrictions is to control money-laundering and financing of terrorist activities more effectively. The regulation came into effect on 15th July 2007 in all EU member states.

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