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New EU cash laws

New EU laws coming into effect next Friday will stop people carrying suitcases of cash around with them.

The laws limit the amount of cash, bankers' drafts and cheques that can be carried over EU borders, undeclared.

Anybody carrying €10,000 or more will have to declare the cash as they enter or leave the EU, including travellers going to or from the Isle of Man.

The cash declaration scheme comes from the European Parliament under laws that were passed in 2005 to help combat money laundering and the black market economy.

(Image: A file picture of cash in a suitcase).

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