New European Union regulations to combat money laundering could affect people who need to carry large sums of money when they travel abroad.

Anyone entering the UK from a non EU country or travelling to a non EU country will need to make a declaration to HM Revenue & Customs if they are carrying 10,000 euros or more or the equivalent in other currencies. The regulation applies not only to cash but also bankers’ drafts and cheques of any kind including travellers’ cheques.

Travellers face fines of up to £5,000 if they fail to comply or provide incorrect information.

The appropriate forms will be available at ports and airports where the declarations have to be made. Money may be seized under the Proceeds of Crime Act 2002 if an HMRC officer has reasonable grounds to suspect that it has been obtained illegally. However, properly declared cash will not be taken if officers have no reason to doubt its legitimacy. 

The regulations don’t affect people travelling between the UK and other EU countries.