In a bid to comply with European Directives designed to combat money laundering, HM Revenue and Customs (HMRC) have announced that people either entering the UK from or leaving the UK for a country outside the European Union must now declare to HMRC any sums of cash of 10,000 Euros or more (or the equivalent in another currency). In this context, cash includes bank drafts and travellers' cheques.
Undeclared sums in excess of £1,000 are subject to seizure by HMRC if they have reason to believe that the money is to be used for, or is the proceeds of, unlawful conduct.
Failure to disclose can lead to a penalty of up to £5,000. The necessary declaration forms are available from HMRC at ports and airports.
If you are going on a holiday and plan to carry a substantial sum in cash or travellers' cheques, make sure you retain the documentation showing where the money came from as well as completing the necessary forms. Note also that many countries have similar requirements. For example, the USA requires sums of $10,000 or more to be declared on a customs form on entry.
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