By IANS
Brussels : Starting June 15 all travellers entering or leaving the European Union (EU) carrying 10,000 euro or more in cash, must declare themselves to customs authorities at the port of entry or departure.
Maria Assimakopoulou, European Commission spokesperson for taxation and customs, told journalists in Brussels Thursday that the aim of the new regulation is to combat money laundering and terror financing, reported news agency INEPNEXT.
While it is not mandatory for the traveller to show where the money has come from, customs authorities can ask for proof of the source.
The new rules will make it more difficult for terrorists to enter or leave the EU with cash for financing subversive acts, said Taxation and Customs Commissioner László Kovács in a statement.
He noted that "at the same time it will not put disproportionate administrative formalities on the majority of travellers and traders".
Customs authorities have also been empowered to check travellers' luggage and detain undeclared cash.