EU Legislation, Initiatives, etc.
HMRC: As from 15 June 2007, people who are either entering the UK from a non-EU country, or are travelling from the UK to a non-EU country and are carrying 10,000 Euros or more (or the equivalent in other currencies) will be required to declare the cash to HM Revenue & Customs (HMRC) at the place of their departure from, or arrival in, the UK.
The declaration form will be produced with a carbon backed top copy so as to allow travellers to have a duplicate, which officers of HMRC may ask them to produce as evidence of having made a declaration. Travellers could face a penalty of up to £5,000 if they fail to comply with the obligation to declare, or provide incorrect or incomplete information.
HMRC officers will not detain properly declared cash if they have no reason to doubt its legitimacy. However, cash may be seized under the Proceeds of Crime Act 2002 if an officer has reasonable grounds to suspect that it is either the proceeds of, or is intended for use in, unlawful conduct.
Press release ~ Council Regulation No. 1889/2005 ~ Proceeds of Crime Act 2002