New law for island cash transfers

Currency to the value of 10,000 euros will have to be declared

People bringing money to or from the Isle of Man over a certain value will soon have to declare it.

From 1 June anyone carrying money to the value of 10,000 euros (just under £8,000) will have to notify Manx Customs and Excise.

They will have to give at least 24 hours notice. Similar legislation already exists in the UK and Ireland.

The law will cover currency, cheques, money orders, promissory notes and travellers' cheques.

Declarations may be submitted by post or electronically or by depositing a copy of the relevant form in drop boxes located at the Sea Terminal and the airport.