SINGAPORE - Starting September 1, foreign visitors and Singapore residents will be required to make a declaration if the money they carry in or out of the country exceeds S$20,000.
The police said that the revision of the declarable value of CBNI (physical currency or bearer negotiable instruments) from S$30,000 to S$20,000 is in line with the recommendations made by the Financial Action Task Force (FATF), of which Singapore is a member of.
This requirement to submit a report, when stipulated amounts are exceeded, was put in place to detect and monitor the movements of CBNI and take enforcement actions against cash couriers supporting terrorism financing or money laundering activities, the police said in a statement to the media today.
"The reduced reporting threshold will allow us to keep a closer watch over large volume CNBI movements," the statement said.
Travellers entering Singapore carrying more than S$20,000 (or its equivalent in a foreign currency) are required to fill up the CBNI Report (Traveller) form and submit it to any Immigration Officer at the Customs Red Channel.
Travellers departing from Singapore who are required to give a report can complete the CBNI Report (Traveller) form and submit it to the Immigration Officer at the Immigration Counter.
The forms are available at the major checkpoints and police establishments. They can also be downloaded from the Singapore Police Force and the CAD websites.
Posters and brochures have been placed prominently at the checkpoints to remind the public to comply with the new measure.
"We would like to seek the cooperation of the public with the authorities in the event of a security check. Travellers are encouraged to pre-fill the report forms early," the police added.
CBNI moved via cargo, post or other means
Those who move in to or out of Singapore - through cargo, post or other means, or receive from outside Singapore - a sum of money that exceeds S$20,000 (or its equivalent in a foreign currency), will be required to complete the CBNI Report (Sender, Carrier or Recipient) form.
The form is to be submitted to the Suspicious Transaction Reporting Office (STRO) of the Commercial Affairs Department (CAD), Singapore Police Force
The report should be given to the STRO no later than one business day prior to the moving of the CBNI. If the CBNI is to be sent by post, the report should be submitted no later than two business days prior to the moving of the CBNI.
If it is not reasonably practicable to do so, the person should give the report to the STRO at the first opportunity, but before the CBNI is moved.
Those who receive CBNI from outside of Singapore will be required to submit the report to STRO within five business days upon receipt.
A business day is defined as a day other than Saturday, Sunday or public holiday.
For assistance on how to complete the report forms, the public can approach any Immigration Officer at the Singapore Checkpoint(s); contact the Suspicious Transaction Reporting Office at +65 6557 5480; or visit the Singapore Police Force Website at www.police.gov.sg/advisories.
The police warned that failure to give a full and accurate report is an offence under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A).
A person convicted of such an offence is liable to a fine of up to $50,000, an imprisonment term of up to three years, or both. The CBNI may also be seized.