13 June 2007
In order to meet a requirement imposed by special recommendation 9 of the Financial Action Task Force a new European Union (EU) law on travellers declaring cash comes into force on 15th June 2007. It is being introduced to help combat money laundering.
The Financial Action Task Force is an inter-governmental body developing and promoting policies to combat money laundering and terrorist financing.
As from 15th June 2007, people who are either travelling from an EU country to a non-EU country, or are entering an EU country from 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 at the place of their departure from, or arrival in the EU country to the competant authority of that country. The Channel Islands are non-EU countries.
In the UK HM Revenue & Customs (HMRC) is the competent authority.
Forms on which to make the declaration will be available at ports or airports in the UK and will also be downloadable from the HMRC internet site and can be found here. 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.
The HMRC National Advice Service is available on 0845 010 9000.
Both Guernsey and Jersey intend to introduce similar declaration requirements as soon as practically possible. Currently controls over cash are contained in the Drug Trafficking and Terrorism legislation in both Jersey and Guernsey which makes it an offence to import or export the proceeds of drug trafficking or terrorism cash and any cash detected that is found to be the proceeds of drug trafficking or connected with terrorism is liable to seizure.
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