Persons Entering or Leaving EU Must Declare Cash Movements

Under a new European Union law to combat money laundering and the financing of terrorism, travelers entering or leaving the EU will be required as of June 15 to declare sums of €10,000 or more in cash or easily convertible assets. The new Union-wide approach to controlling cash movements complements the EU's Money Laundering Directive, which already provides for monitoring of transactions made through credit and financial institutions.

"The new rules will make it more difficult for terrorists to enter or leave the [European Union] with the cash required to finance their illegal actions," said EU Taxation and Customs Commissioner László Kovács. "A single uncomplicated system of this type will also be fairer to legitimate travelers who will no longer be faced with control measures that vary depending on where they enter or leave the [EU]."

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