Yikes !

[Penkoprod]

http://www.telegraph.co.uk/news/main.jhtml...currency116.xml

At best, more form filling

At worst........... i dread to think, knowing the UK governments penchant for controlling the masses, and criminalisation of the "ordinary man"

A new EU law that makes it an offence to take more than 10,000 euros (£6,760) out of the country without telling the tax authorities could trip up owners of homes overseas and pensioners taking the holiday of a lifetime.

As from yesterday, anyone seeking to leave the EU with such a sum must fill out a declaration form at the airport detailing the "origin and intended use of cash".

...

Penkoprod

Edited June 16, 2007 by Maestro
Quoted text reduced for copyright reasons.

[issanpaul]

http://www.telegraph.co.uk/news/main.jhtml...currency116.xml

At best, more form filling

At worst........... i dread to think, knowing the UK governments penchant for controlling the masses, and criminalisation of the "ordinary man"

"We are not after people buying homes overseas, we are after money launderers."

Mike Warburton of accountants Grant Thornton said: "This new law is all about hot money. We have a tax amnesty which ends next week and some people with offshore accounts that will be affected by the EU Savings Directive are no doubt thinking that they might transfer to jurisdictions which are not affected; such as Dubai and Singapore.

"The Government is keen that they should not do so."

Penkoprod

nothing to worry about,its only a case of preventing money laundering,if your straight nothing to worry about.

Edited June 16, 2007 by Maestro
Quoted text reduced for copyright reasons.

[dave111223]

How about just get an ATM card and withdrawal the money after your arrive at the destination.

(I mean who brings $13,000 in cash/travelers checks with them on holiday?)

[Paulbangkok]

Then in fact it's an increase on the 10'000usd Restriction imposed previously.

[bowthai]

nothing to worry about,its only a case of preventing money laundering,if your straight nothing to worry about.

but what if they're gay?

at least the eu penalties for non-compliance is mild compared to the us.the feds and irs are the worst police state totalitarian systems on earth.

United States law says that if you try to leave or enter the country with $10,000 or more in cash, you must declare it . The penalty for not doing so is a jail sentence of up to five years, a $250,000 fine, and government confiscation of the money that you tried to smuggle out.

[PhilHarries]

If this only applies to cash then it's no worries, as dave11123 says who the hel_l travels with that kind of cash? But if it is extended to cover electronic transfers it becomes a whole new nest of vipers.

All the more reason to utilise offshore banking.

[bino]

The logic behind it is simple- any legitimate transaction requiring a large amount of money (house / car purchases etc) can be done by a "documented" method such as telegraphic transfer, cashier's check, etc. Large amounts of cash are suspicious in that they could be potential money laundering, drug purchase, etc.

Also - modern world thinking dictates that people will have a credit card, ATM card, or similar for paying expenses when they travel. Carrying huge amounts of cash is risky, as it is potentially vulnerable to thieves.

Having said that, not everyone has a credit card. When I was working in the hotel business, I would regularily see people checking in who would drop several inches of cash into their lock box at the front desk. (Mostly europeans and particularly the Swiss stand out in my mind as people with lots of $$$ and no credit cards.)

If you have a legitimate explanation for the large amount of money and no criminal history, it is not a problem.

[pampal]

In the USA, the restriction is not only on cash but also checks or any monetary instruments totalling more than 10000 USD

also

if you have any bank accounts outside the USA with a balance of more than 10000 USD, you have to report it to the IRS

Reason for edit: typo

Edited June 16, 2007 by pampal

[dave111223]

In the USA, the restriction is not only on cash but also checks or any monetary instruments totalling more than 10000 USD

also

if you have any bank accounts outside the USA with a balance of more than 10000 USD, you have to report it to the IRS

So if you had a Credit Card with $20,000 limit you'd have to report it to customs when you arrived in the US; seeing as you are carrying a "monetary instrument" valued at more than $10,000?

[bino]

So if you had a Credit Card with $20,000 limit you'd have to report it to customs when you arrived in the US; seeing as you are carrying a "monetary instrument" valued at more than $10,000?

Nope... credit card is not a "negotiable" instrument.

Also- The IRS / US Gov't can track its usage easily from home.

[astral]

Just TT the money to your overseas account and let the bank take care of the reporting.

[lazeeboy]

Just TT the money to your overseas account and let the bank take care of the reporting.

anyone who comes in wiyh 13000 dollars will be leaving very soon ,as a fool and his money are easily parted