RIGA, June 13 (Xinhua) -- A new law passed by Latvian parliamentarians on Thursday obliges travelers with cash worth at least 10,000 euros to declare when crossing the Baltic country's border, local media reported.
Under the new legislation, persons crossing Latvia's border with cash worth at least 10,000 euros will be required to fill out a cash declaration form and confirm the correctness of information provided in the form with their signature.
In the declaration form, travelers will have to provide information about the owner and recipient of the money, the value and currency of the cash, its origin and purpose of use, as well as information about the means and route of transportation.
Travelers who fail to declare their cash at the border as required will risk fines of 25 percent of the sum they were supposed to declare.
Earlier, Finance Ministry representative Liga Klavina told MPs that said amendments were necessary to comply with the recommendations provided to Latvia by the the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval). (1 euro = 1.13 U.S. dollars)
