Cash plans 'would protect island'

Anyone with more than about £7,000 would have to declare it

Anyone entering or leaving the Isle of Man with more than 10,000 euros (about £7,460) in cash should be forced to declare it, the government believes.

Adopting the EU law would complement island anti-money laundering laws and protect its reputation, officials say.

It would stop the Isle of Man being perceived as a "back door into Europe through which illicit funds might flow", a consultation document says.

Residents are asked to contact customs with their views on the plan.

Under existing Manx law, no-one is required to declare any amount of cash they are bringing in, including cheques, travellers' cheques and bankers drafts.

There are also no currency restrictions or exchange controls, but customs officers can seize cash if they suspect it to be intended for crime, terrorism or another unlawful purpose.

EU legislation to require declaration from anyone carrying more than 10,000 euros came into force in June 2007.