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Imports and Exports of Cash - Consultation Document Published 7 February 2008

The Treasury has today published a consultation document outlining proposals that would require persons entering or leaving the Island to make a declaration to Customs and Excise if they are carrying cash to a value of €10,000 (approximately £6-7,000) or more in any currency.

The proposals contained in the consultation document would implement a FATF Special Recommendation that has been adopted by many countries, including Member States of the EU. The proposals are intended to complement the Island's anti-money laundering legislation.

The Channel Islands are also introducing requirements for the declaration of cash taken into or out of the islands. This too is to ensure compliance with the FATF Special Recommendation and complement anti-money laundering laws. However, the actual requirements being introduced differ both between the islands and from the Treasury's proposals in the attached consultation document.

A copy of the consultation document is attached here and further copies can be downloaded from the Customs and Excise website or requested from the Advice Centre at Custom House.

Comments should be sent to the Legal-Library Unit at Customs and Excise. The closing date for responses is 29 February 2008.

Media enquiries should be addressed to Ray Todd, Manager, Legal-Library Unit (Tel: (01624) 648138).

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