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If you declare it, they'll ask you where it comes from. If they think your story is fishy, then you're in trouble.
When I used to export sporting goods from the US to Europe, I often landed in New York with 50 to 100k in cash, that was in the early 90's and when you were buying from Chinese wholesalers in NYC, it was cash or walk. Never had a problem with customs, just showed them my business cards and previous invoices and that was it...
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