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Bigger stacks of cash will have to be declared on entry to the EU (Photo: European Commission)

EU aims to clamp down on money laundering

Anyone wanting to bring more than 10,000 euro across the EU’s external borders will in future have to declare the sum, following a political agreement by EU finance ministers on Tuesday (16 November).

The move aims to reduce money laundering and combat the funding of terrorists.

Cash that is not declared to customs officials will be seized. Travellers failing to declare the cash will have proceedings started against them, according to the European Commission.

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Bigger stacks of cash will have to be declared on entry to the EU (Photo: European Commission)

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