June 16, 2007	Saturday	Jamadi-ul-Awwal 30, 1428

LONDON: New European Union law to help combat money laundering which came into force on Friday (June 15) requires people who are either entering the UK from a non-EU country, or are travelling from the UK to 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 to HM Revenue & Customs (HMRC) at the place of their departure from, or arrival in, the UK. Travellers could face a penalty of up to £5,000 if they fail to comply with the obligation to declare, or provide incorrect or incomplete information.

Dave Humphries, Head of Criminal and Enforcement Policy (HMRC), said in a government announcement on Friday: “The declaration system is one means of providing information to assist HMRC in targeting movements of criminal cash more effectively.”

HMRC officers will not detain properly declared cash if they have no reason to doubt its legitimacy. However, cash may be seized under the Proceeds of Crime Act 2002 if an officer has reasonable grounds to suspect that it is either the proceeds of, or is intended for use in, unlawful conduct.