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This is from the Customs and Border Protection (part of the U.S. government Dept of Homeland Security) website:

It is not a crime to carry more than $10,000, but it is a federal offense not to declare currency or monetary instruments totaling $10,000 or more to a CBP officer upon entry or exit from the U.S. or to conceal it with intent to evade reporting requirements. Failure to declare may result in seizure of the currency and/or arrest. An individual may petition for the return of currency seized by CBP officers, but the petitioner must prove that the source and intended use of the currency was legitimate.

www.cbp.gov/xp/cgov/newsroom/news_releases/august_2009/08142009_3.xml

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