This initiative is introduced for the purposes to assist the efforts made at EU level to tackle crime and improve security by cracking down on money laundering, terrorism and criminality.
Any person entering or leaving the European Union through the external control points:
The declaration must be completed and lodged with customs (or other competent authority) at the control point through which you enter or leave the EU.
The cash could be detained and you could be subject to penalties.
Please be aware that there are separate control and declaration provisions for intra community cash movements in some Member States. These will be applied in addition to EU rules.